Document and Entity Information - shares |
6 Months Ended | |
|---|---|---|
Dec. 31, 2018 |
Feb. 01, 2019 |
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| Document and Entity Information [Abstract] | ||
| Entity Registrant Name | A-Mark Precious Metals, Inc. | |
| Entity Central Index Key | 0001591588 | |
| Trading Symbol | AMRK | |
| Current Fiscal Year End Date | --06-30 | |
| Entity Filer Category | Non-accelerated Filer | |
| Document Type | 10-Q | |
| Document Period End Date | Dec. 31, 2018 | |
| Document Fiscal Year Focus | 2019 | |
| Document Fiscal Period Focus | Q2 | |
| Amendment Flag | false | |
| Entity Small Business | true | |
| Entity Emerging Growth Company | false | |
| Entity Common Stock, Shares Outstanding | 7,031,450 |
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- Definition Document and Entity Information [Abstract] No definition available.
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- Definition If the value is true, then the document is an amendment to previously-filed/accepted document. No definition available.
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- Definition End date of current fiscal year in the format --MM-DD. No definition available.
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- Definition This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY. No definition available.
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- Definition This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006. No definition available.
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- Definition The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented. If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD. No definition available.
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- Definition The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'. No definition available.
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- Definition A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument. No definition available.
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- Definition Indicate if registrant meets the emerging growth company criteria. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, (4) Smaller Reporting Company (Non-accelerated), (5) Smaller Reporting Accelerated Filer or (6) Smaller Reporting Company and Large Accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Indicates that the company is a smaller reporting company with both a public float and revenues of less than $75 million. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Trading symbol of an instrument as listed on an exchange. No definition available.
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- Definition Asset Under Financing Agreement, With Repurchase Option No definition available.
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- Definition Equity Method and Cost Method Investment, Total No definition available.
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- Definition Libility on precious metals from third parties, as of the balance sheet date that must be repaid within one year (or the normal operating cycle, if longer). No definition available.
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- Definition Obligation Under Product Financing Agreement - amount required to repurchase outstanding inventory under product financing agreement with a third party for the sale of gold and silver. Such agreement allows the Company to repurchase outstanding inventory at an agreed-upon price based on the spot price on the repurchase date. No definition available.
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- Definition Restricted Inventory No definition available.
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- Definition Restricted and Nonrestricted Inventory, Net No definition available.
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- Definition Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition For an unclassified balance sheet, the amount due from customers or clients for goods or services that have been delivered or sold in the normal course of business, reduced to their estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Excess of issue price over par or stated value of the entity's capital stock and amounts received from other transactions involving the entity's stock or stockholders. Includes adjustments to additional paid in capital. Some examples of such adjustments include recording the issuance of debt with a beneficial conversion feature and certain tax consequences of equity instruments awarded to employees. Use this element for the aggregate amount of additional paid-in capital associated with common and preferred stock. For additional paid-in capital associated with only common stock, use the element additional paid in capital, common stock. For additional paid-in capital associated with only preferred stock, use the element additional paid in capital, preferred stock. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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| X | ||||||||||
- Definition Amount of cash and cash equivalents, and cash and cash equivalents restricted to withdrawal or usage. Excludes amount for disposal group and discontinued operations. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Represents the caption on the face of the balance sheet to indicate that the entity has entered into (1) purchase or supply arrangements that will require expending a portion of its resources to meet the terms thereof, and (2) is exposed to potential losses or, less frequently, gains, arising from (a) possible claims against a company's resources due to future performance under contract terms, and (b) possible losses or likely gains from uncertainties that will ultimately be resolved when one or more future events that are deemed likely to occur do occur or fail to occur. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, with jurisdictional netting and classified as noncurrent. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset, expected to be settled within one year or normal operating cycle, if longer. Includes assets not subject to a master netting arrangement and not elected to be offset. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Fair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset, expected to be settled within one year or normal operating cycle, if longer. Includes assets not subject to a master netting arrangement and not elected to be offset. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Portion of the carrying amount as of the balance sheet date of obligations due all related parties that is payable after one year or beyond the normal operating cycle if longer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Carrying amount as of the balance sheet date of income taxes previously overpaid to tax authorities (such as U.S. Federal, state and local tax authorities) representing refunds of overpayments or recoveries based on agreed-upon resolutions of disputes. Also called income tax refund receivable. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Sum of the carrying amounts of all intangible assets, excluding goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount after valuation and LIFO reserves of inventory expected to be sold, or consumed within one year or operating cycle, if longer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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- Definition Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of liabilities and equity items, including the portion of equity attributable to noncontrolling interests, if any. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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- Definition The carrying value as of the balance sheet date of the current portion of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount after unamortized (discount) premium and debt issuance costs of long-term debt classified as noncurrent and excluding amounts to be repaid within one year or the normal operating cycle, if longer. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which is directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent (that is, noncontrolling interest, previously referred to as minority interest). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition An amount representing an agreement for an unconditional promise by the maker to pay the Company (holder) a definite sum of money within one year from the balance sheet date (or the normal operating cycle, whichever is longer), net of any write-downs taken for collection uncertainty on the part of the holder. Such amount may include accrued interest receivable in accordance with the terms of the debt. The debt also may contain provisions and related items including a discount or premium, payable on demand, secured, or unsecured, interest bearing or noninterest bearing, among a myriad of other features and characteristics. This amount does not include amounts related to receivables held-for-sale. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of liabilities classified as other, due after one year or the normal operating cycle, if longer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Aggregate par or stated value of issued nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable preferred shares, par value and other disclosure concepts are in another section within stockholders' equity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of asset related to consideration paid in advance for costs that provide economic benefits in future periods, and amount of other assets that are expected to be realized or consumed within one year or the normal operating cycle, if longer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The cumulative amount of the reporting entity's undistributed earnings or deficit. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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Condensed Consolidated Balance Sheets (VIE) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Jun. 30, 2018 |
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|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Cash | [1] | $ 11,830 | $ 6,291 | ||||||
| Receivables, net | [1] | 23,275 | 35,856 | ||||||
| Secured loans receivable | [1] | 104,757 | 110,424 | ||||||
| Inventories | [1] | 193,872 | 166,176 | ||||||
| Prepaid expenses and other assets | [1] | 1,754 | 2,782 | ||||||
| Total assets | 684,091 | 743,001 | |||||||
| Liabilities | |||||||||
| Accrued liabilities | [1] | 4,951 | 5,129 | ||||||
| Derivative liabilities | [1] | 25,304 | 20,457 | ||||||
| Notes payable | [1] | 86,569 | 0 | ||||||
| Total liabilities | 612,294 | 673,893 | |||||||
| Variable Interest Entity, Primary Beneficiary | |||||||||
| Assets | |||||||||
| Cash | 5,264 | 0 | |||||||
| Receivables, net | 4 | 0 | |||||||
| Secured loans receivable | 55,715 | 0 | |||||||
| Inventories | 44,610 | 0 | |||||||
| Prepaid expenses and other assets | 39 | 0 | |||||||
| Total assets | 105,632 | 0 | |||||||
| Liabilities | |||||||||
| Deferred payment obligations | [2] | 6,754 | 0 | ||||||
| Accrued liabilities | 238 | 0 | |||||||
| Derivative liabilities | 2,111 | 0 | |||||||
| Notes payable | [3] | 96,569 | 0 | ||||||
| Total liabilities | $ 105,672 | $ 0 | |||||||
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- Definition Deferred Payment Obligation Due To Related Party No definition available.
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- Definition For an unclassified balance sheet, the amount due from customers or clients for goods or services that have been delivered or sold in the normal course of business, reduced to their estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount of cash and cash equivalents, and cash and cash equivalents restricted to withdrawal or usage. Excludes amount for disposal group and discontinued operations. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Fair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset, expected to be settled within one year or normal operating cycle, if longer. Includes assets not subject to a master netting arrangement and not elected to be offset. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount after valuation and LIFO reserves of inventory expected to be sold, or consumed within one year or operating cycle, if longer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount after unamortized (discount) premium and debt issuance costs of long-term debt classified as noncurrent and excluding amounts to be repaid within one year or the normal operating cycle, if longer. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition An amount representing an agreement for an unconditional promise by the maker to pay the Company (holder) a definite sum of money within one year from the balance sheet date (or the normal operating cycle, whichever is longer), net of any write-downs taken for collection uncertainty on the part of the holder. Such amount may include accrued interest receivable in accordance with the terms of the debt. The debt also may contain provisions and related items including a discount or premium, payable on demand, secured, or unsecured, interest bearing or noninterest bearing, among a myriad of other features and characteristics. This amount does not include amounts related to receivables held-for-sale. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount of asset related to consideration paid in advance for costs that provide economic benefits in future periods, and amount of other assets that are expected to be realized or consumed within one year or the normal operating cycle, if longer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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- References No definition available.
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- Details
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Condensed Consolidated Balance Sheets (VIE) (Parenthetical) $ in Millions |
Dec. 31, 2018
USD ($)
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|---|---|
| Variable Interest Entity, Primary Beneficiary | |
| Financing receivable | $ 10.0 |
| X | ||||||||||
- Definition Amount representing an agreement for an unconditional promise by the maker to pay the entity (holder) a definite sum of money at a future date. Such amount may include accrued interest receivable in accordance with the terms of the note. The note also may contain provisions and related items including a discount or premium, payable on demand, secured, or unsecured, interest bearing or noninterest bearing, among a myriad of other features and characteristics. Excludes amounts related to receivables held-for-sale. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Details
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Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares |
Dec. 31, 2018 |
Jun. 30, 2018 |
|---|---|---|
| Statement of Financial Position [Abstract] | ||
| Preferred stock, par value (usd per share) | $ 0.01 | $ 0.01 |
| Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
| Preferred stock, shares issued | 0 | 0 |
| Preferred stock, shares outstanding | 0 | 0 |
| Common stock, par value (usd per share) | $ 0.01 | $ 0.01 |
| Common stock, shares authorized | 40,000,000 | 40,000,000 |
| Common stock, shares issued | 7,031,450 | 7,031,450 |
| Common stock, shares outstanding | 7,031,450 | 7,031,450 |
| X | ||||||||||
- Definition Face amount or stated value per share of common stock. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition The maximum number of common shares permitted to be issued by an entity's charter and bylaws. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Face amount or stated value per share of preferred stock nonredeemable or redeemable solely at the option of the issuer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition The maximum number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) permitted to be issued by an entity's charter and bylaws. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Total number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) issued to shareholders (includes related preferred shares that were issued, repurchased, and remain in the treasury). May be all or portion of the number of preferred shares authorized. Excludes preferred shares that are classified as debt. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Aggregate share number for all nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) held by stockholders. Does not include preferred shares that have been repurchased. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- References No definition available.
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Condensed Consolidated Statements of Operations - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
| Income Statement [Abstract] | ||||
| Revenues | $ 1,100,912 | $ 1,680,738 | $ 2,666,002 | $ 3,844,528 |
| Cost of sales | 1,092,595 | 1,671,822 | 2,649,210 | 3,828,306 |
| Gross profit | 8,317 | 8,916 | 16,792 | 16,222 |
| Selling, general and administrative expenses | (8,103) | (9,349) | (15,822) | (16,325) |
| Interest income | 4,652 | 3,268 | 9,203 | 6,429 |
| Interest expense | (4,656) | (3,359) | (8,208) | (6,092) |
| Other income | 682 | 651 | 930 | 712 |
| Unrealized gain (loss) on foreign exchange | 52 | 139 | (18) | 38 |
| Net income before provision for income taxes | 944 | 266 | 2,877 | 984 |
| Income tax expense | (242) | (324) | (741) | (598) |
| Net income (loss) | 702 | (58) | 2,136 | 386 |
| Net gain attributable to non-controlling interest | 125 | 147 | 78 | 113 |
| Net income (loss) attributable to the Company | $ 577 | $ (205) | $ 2,058 | $ 273 |
| Basic and diluted net income (loss) per share attributable to A-Mark Precious Metals, Inc.: | ||||
| Basic (usd per share) | $ 0.08 | $ (0.03) | $ 0.29 | $ 0.04 |
| Diluted (usd per share) | 0.08 | (0.03) | 0.29 | 0.04 |
| Dividends per share (usd per share) | $ 0.00 | $ 0.08 | $ 0.00 | $ 0.16 |
| Weighted average shares outstanding: | ||||
| Basic (shares) | 7,031,000 | 7,031,000 | 7,031,400 | 7,031,400 |
| Diluted (shares) | 7,086,000 | 7,031,000 | 7,088,700 | 7,113,000 |
| X | ||||||||||
- Definition Weighted average shares outstanding [Abstract] No definition available.
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| X | ||||||||||
- Definition Aggregate dividends paid during the period for each share of common stock outstanding. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The aggregate costs related to goods produced and sold and services rendered by an entity during the reporting period. This excludes costs incurred during the reporting period related to financial services rendered and other revenue generating activities. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Amount before tax of foreign currency transaction unrealized gain (loss) recognized in the income statement. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount after tax of income (loss) from continuing operations attributable to the parent. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount after tax of income (loss) from continuing operations attributable to the noncontrolling interest. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount after tax of income (loss) from continuing operations including portion attributable to the noncontrolling interest. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition Amount of the cost of borrowed funds accounted for as interest expense. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition Amount of interest income earned from interest bearing assets classified as other. No definition available.
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| X | ||||||||||
- Definition Amount of income (expense) related to nonoperating activities, classified as other. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition The aggregate total costs related to selling a firm's product and services, as well as all other general and administrative expenses. Direct selling expenses (for example, credit, warranty, and advertising) are expenses that can be directly linked to the sale of specific products. Indirect selling expenses are expenses that cannot be directly linked to the sale of specific products, for example telephone expenses, Internet, and postal charges. General and administrative expenses include salaries of non-sales personnel, rent, utilities, communication, etc. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Condensed Consolidated Statement of Stockholders' Equity - 6 months ended Dec. 31, 2018 - USD ($) $ in Thousands |
Total |
Total A-Mark Precious Metals, Inc. Stockholders' Equity |
Common Stock |
Additional Paid-in Capital |
Retained Earnings |
Non-Controlling Interest |
|---|---|---|---|---|---|---|
| Beginning balance (shares) at Jun. 30, 2018 | 7,031,450 | 7,031,450 | ||||
| Beginning balance at Jun. 30, 2018 | $ 69,108 | $ 65,698 | $ 71 | $ 24,717 | $ 40,910 | $ 3,410 |
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
| Net income | 2,136 | 2,058 | 2,058 | 78 | ||
| Share-based compensation | 553 | 553 | 553 | |||
| Transactions with non-controlling interest | $ 0 | 639 | 639 | (639) | ||
| Ending balance (shares) at Dec. 31, 2018 | 7,031,450 | 7,031,450 | ||||
| Ending balance at Dec. 31, 2018 | $ 71,797 | $ 68,948 | $ 71 | $ 25,909 | $ 42,968 | $ 2,849 |
| X | ||||||||||
- Definition Noncontrolling Interest, Increase (Decrease) Due to Transaction No definition available.
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| X | ||||||||||
- Definition Amount of increase to additional paid-in capital (APIC) from recognition of equity-based compensation. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount after tax of income (loss) from continuing operations including portion attributable to the noncontrolling interest. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period. No definition available.
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| X | ||||||||||
- Definition Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands |
6 Months Ended | ||||
|---|---|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
||||
| Cash flows from operating activities: | |||||
| Net income | $ 2,136 | $ 386 | |||
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||||
| Provision | (30) | 0 | |||
| Depreciation and amortization | 1,398 | 1,312 | |||
| Amortization of loan cost | 542 | 595 | |||
| Deferred income taxes | 659 | (211) | |||
| Interest added to principal of secured loans | (10) | (29) | |||
| Change in accrued earn-out (non-cash) | (504) | (529) | |||
| Loss on debt extinguishment | 7 | 0 | |||
| Share-based compensation | 553 | 738 | |||
| Earnings from equity method investment | (559) | (179) | |||
| Changes in assets and liabilities: | |||||
| Receivables | 12,611 | 923 | |||
| Secured loans | (737) | (289) | |||
| Secured loans to Former Parent | (4,458) | (1,502) | |||
| Derivative assets | 5,794 | 17,013 | |||
| Income tax receivable | 26 | (663) | |||
| Precious metals held under financing arrangements | 35,661 | 0 | |||
| Inventories | 3,831 | (38,035) | |||
| Prepaid expenses and other assets | 708 | (714) | |||
| Accounts payable | 743 | 15,511 | |||
| Derivative liabilities | 4,847 | (7,162) | |||
| Liabilities on borrowed metals | (53,029) | 4,952 | |||
| Accrued liabilities | (109) | (2,376) | |||
| Income taxes payable | 0 | (1,418) | |||
| Net cash provided by (used in) operating activities | 10,080 | (11,677) | |||
| Cash flows from investing activities: | |||||
| Capital expenditures for property and equipment | (138) | (417) | |||
| Purchase of long-term investments | (1,500) | 0 | |||
| Secured loans, net | 10,872 | (3,913) | |||
| Acquisition of subsidiary, net of cash | 0 | (9,548) | |||
| Net cash provided by (used in) investing activities | 9,234 | (13,878) | |||
| Cash flows from financing activities: | |||||
| Product financing arrangements, net | (31,527) | (15,182) | |||
| Dividends | 0 | (1,124) | |||
| Borrowings and repayments under lines of credit, net | (61,000) | 34,000 | |||
| Repayments on notes payable to related party | (7,500) | (500) | |||
| Proceeds from issuance of notes payable | 90,000 | 7,500 | |||
| Debt funding issuance costs | (3,748) | (187) | |||
| Net cash (used in) provided by financing activities | (13,775) | 24,507 | |||
| Net increase (decrease) in cash, cash equivalents, and restricted cash | 5,539 | (1,048) | |||
| Cash, cash equivalents, and restricted cash, beginning of period | 6,291 | [1] | 13,059 | ||
| Cash, cash equivalents, and restricted cash, end of period | 11,830 | [1] | 12,011 | ||
| Supplemental disclosures of cash flow information: | |||||
| Interest | 5,622 | 4,775 | |||
| Income taxes | 47 | 2,908 | |||
| Non-cash investing and financing activities: | |||||
| Interest added to principal of secured loans | 10 | 29 | |||
| Debt funding issuance costs | 0 | 534 | |||
| Investment transactions with non-controlling interest | $ 639 | $ 0 | |||
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| X | ||||||||||
- Definition Increase (Decrease) In Assets Held Under Financing Arrangements, With Repurchase Option No definition available.
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| X | ||||||||||
- Definition Interest, Included in the Principal No definition available.
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| X | ||||||||||
- Definition Investment Transactions Attributable to Noncontrolling Interest No definition available.
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| X | ||||||||||
- Definition Non-cash Investing and Financing, Interest Added to Principal, Finance Receivable No definition available.
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| X | ||||||||||
- Definition Repayments Of Notes Payable And Capital Lease Obligations No definition available.
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition Amount of amortization expense attributable to debt issuance costs. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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| X | ||||||||||
- Definition Amount of cash and cash equivalents, and cash and cash equivalents restricted to withdrawal or usage. Excludes amount for disposal group and discontinued operations. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount of increase (decrease) in cash, cash equivalents, and cash and cash equivalents restricted to withdrawal or usage; including effect from exchange rate change. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The amount of debt issuance costs that were incurred during a noncash or partial noncash transaction. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition Amount of gain (loss) recognized on the income statement for financial instrument classified as a liability measured using unobservable inputs that reflect the entity's own assumption about the assumptions market participants would use in pricing. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Difference between the fair value of payments made and the carrying amount of debt which is extinguished prior to maturity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount after tax of income (loss) from continuing operations including portion attributable to the noncontrolling interest. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition This item represents the entity's proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. This item includes income or expense related to stock-based compensation based on the investor's grant of stock to employees of an equity method investee. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The amount of cash paid during the current period to foreign, federal, state, and local authorities as taxes on income. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The increase (decrease) during the reporting period in the amount due from customers for the credit sale of goods and services; includes accounts receivable and other types of receivables. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The increase (decrease) during the reporting period in the aggregate amount of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition The increase (decrease) during the period in the amount due for taxes based on the reporting entity's earnings or attributable to the entity's income earning process (business presence) within a given jurisdiction. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The increase (decrease) during the reporting period in the aggregate amount of expenses incurred but not yet paid. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The increase (decrease) during the reporting period in the account that represents the temporary difference that results from Income or Loss that is recognized for accounting purposes but not for tax purposes and vice versa. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition The increase (decrease) during the period in the carrying value of derivative instruments reported as assets that are due to be disposed of within one year (or the normal operating cycle, if longer). Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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| X | ||||||||||
- Definition The increase (decrease) during the period in the carrying value of derivative instruments reported as liabilities that are due to be disposed of within one year (or the normal operating cycle, if longer). Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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| X | ||||||||||
- Definition The aggregate increase (decrease) during the reporting period in the amount due from the following types of related parties: a parent company and its subsidiaries; subsidiaries of a common parent; an entity and trust for the benefit of employees, such as pension and profit-sharing trusts that are managed by or under the trusteeship of the entity's management; an entity and its principal owners, management, or member of their immediate families, affiliates, or other parties with the ability to exert significant influence. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The increase (decrease) during the reporting period in outstanding loans including accrued interest. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The increase (decrease) during the reporting period in income taxes receivable, which represents the amount due from tax authorities for refunds of overpayments or recoveries of income taxes paid. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The increase (decrease) during the reporting period in the aggregate value of all inventory held by the reporting entity, associated with underlying transactions that are classified as operating activities. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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- Definition Amount of increase (decrease) in operating liabilities classified as other. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of increase (decrease) in prepaid expenses, and assets classified as other. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The increase (decrease) during the reporting period in the total amount due the entity arising from securities borrowed transactions. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of cash paid for interest, excluding capitalized interest, classified as operating activity. Includes, but is not limited to, payment to settle zero-coupon bond for accreted interest of debt discount and debt instrument with insignificant coupon interest rate in relation to effective interest rate of borrowing attributable to accreted interest of debt discount. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of cash inflow (outflow) from financing activities, including discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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- Definition Amount of cash inflow (outflow) from investing activities, including discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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- Definition Amount of cash inflow (outflow) from operating activities, including discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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- References No definition available.
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- Definition The net amount paid or received by the reporting entity associated with purchase (sale or collection) of loans receivable arising from the financing of goods and services. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The cash outflow paid to third parties in connection with debt origination, which will be amortized over the remaining maturity period of the associated long-term debt. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Cash outflow in the form of capital distributions and dividends to common shareholders, preferred shareholders and noncontrolling interests. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The cash outflow associated with the acquisition of a business, net of the cash acquired from the purchase. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The cash outflow associated with the purchase of all investments (debt, security, other) during the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The cash outflow associated with the acquisition of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale; includes cash outflows to pay for construction of self-constructed assets. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The cash inflow from amounts received from issuance of long-term debt that is wholly or partially secured by collateral. Excludes proceeds from tax exempt secured debt. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The net cash inflow or cash outflow from a contractual arrangement with the lender, including letter of credit, standby letter of credit and revolving credit arrangements, under which borrowings can be made up to a specific amount at any point in time with either short term or long term maturity that is collateralized (backed by pledge, mortgage or other lien in the entity's assets). Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Amount of expense related to write-down of receivables to the amount expected to be collected. Includes, but is not limited to, accounts receivable and notes receivable. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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Description of Business |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Description of Business | DESCRIPTION OF BUSINESS Basis of Presentation The condensed consolidated financial statements comprise those of A-Mark Precious Metals, Inc. ("A-Mark" or the "Company") and its consolidated subsidiaries, which includes a variable interest entity ("VIE"). Intercompany accounts and transactions have been eliminated. Business Segments The Company conducts its operations in three reportable segments: (1) Wholesale Trading & Ancillary Services, (2) Secured Lending and (3) Direct Sales. Each of these reportable segments represents an aggregation of operating segments that meets the aggregation criteria set forth in the Segment Reporting Topic 280 of the Financial Accounting Standards Board’s ("FASB") Accounting Standards Codification (“ASC”) (See Note 18). Wholesale Trading & Ancillary Services The Wholesale Trading & Ancillary Services segment operates as a full-service precious metals trading company. The products that this segment sells include gold, silver, platinum and palladium for storage and delivery primarily in the form of coins, bars, wafers and grain. Also, this segment's trading-related services include financing, consignment, logistics, hedging and various customized financial programs. Through its wholly owned subsidiary, A-Mark Trading AG (“AMTAG”), the Company promotes A-Mark bullion products throughout the European continent. Transcontinental Depository Services (“TDS”), also a wholly owned subsidiary of the Company, offers worldwide storage solutions to institutions, dealers and consumers. The Company's wholly-owned subsidiary, A-M Global Logistics, LLC ("Logistics"), operates the Company's logistics fulfillment center based in Las Vegas, Nevada. Logistics provides customers an array of complementary services, including packaging, shipping, handling, receiving, processing, and inventorying of precious metals and custom coins on a secure basis. In August 2016, the Company formed AM&ST Associates, LLC ("AMST"), a joint venture with SilverTowne, L.P., referred to as SilverTowne, an Indiana-based producer of minted silver that resulted in the Company and SilverTowne, L.P. owning 55% and 45%, respectively, of AMST. During the first quarter of fiscal 2019, the Company increased its ownership interest of AMST to 69% and SilverTowne, L.P. currently owns 31% of AMST. The Company acquired its interest in AMST to provide greater product selection to our customers and greater pricing stability within the supply chain, as well as to gain increased access to silver during volatile market environments. Secured Lending The Company operates its Secured Lending segment through its wholly-owned subsidiary, Collateral Finance Corporation LLC ("CFC"). CFC has been in operation since 2005. CFC is a California licensed finance lender that originates and acquires commercial loans secured by bullion and numismatic coins. CFC's customers include coin and precious metal dealers, investors and collectors. On September 14, 2018, AM Capital Funding, LLC (“AMCF”), a wholly owned subsidiary of CFC, completed an issuance of Secured Senior Term Notes, Series 2018-1, Class A in the aggregate principal amount of $72.0 million and Secured Subordinated Term Notes, Series 2018-1, Class B in the aggregate principal amount of $28 million. The Class A Notes bear interest at a rate of 4.98% and the Class B Notes bear interest at a rate of 5.98%. The Notes have a maturity date of December 15, 2023. The Notes were issued under a Master Indenture and the Series 2018-1 Supplement thereto, each dated as of the Closing Date, between AMCF and Citibank, N.A., as trustee. The Company holds $10.0 million of the Notes. The Notes are not insured or guaranteed by A-Mark or CFC. CFC acts as servicer with respect to the Notes. CFC and A-Mark may from time to time also contribute cash or sell precious metals to AMCF in exchange for cash or subordinated, deferred payment obligations from AMCF. In addition, AMCF may from time to time sell precious metals to A-Mark for cash. For additional information regarding this securitization, see Note 14, "Notes Payable". Direct Sales The Company's wholly-owned subsidiary, Goldline, Inc. ("Goldline"), is a direct retailer of precious metals to the investor community. Goldline markets its precious metal products primarily on radio, the internet and television. Goldline sells gold and silver bullion in the form of coins, and bars, as well as numismatic coins. The Company entered into the Direct Sales segment through its acquisition of substantially all of the assets of Goldline, LLC ("Goldline, LLC" or the "Seller"), pursuant to the terms of an Asset Purchase Agreement (the “Purchase Agreement”), dated August 14, 2017, between Goldline (then known as Goldline Acquisition Corp.) and the Seller. The transaction closed on August 28, 2017 (the "Closing Date"). On the Closing Date, the estimated purchase price for the net assets was approximately $10.0 million (the “Initial Provisional Purchase Price”), which was based on the Seller’s preliminary balance sheet dated as of July 31, 2017. The net assets acquired consisted of both intangible assets, which the parties agreed had an aggregate fair value of $6.4 million, and specified net tangible assets of the Seller, which the parties initially agreed had an estimated aggregate fair value of $3.6 million, subject to post-closing adjustment. In connection with the closing, Goldline paid to the Seller an amount equal to the Initial Provisional Purchase Price less $1.5 million (the "Holdback Amount"), which amount was held back and deposited into escrow to serve as security for the Seller’s indemnification obligations under the Purchase Agreement. Pro-Forma Information The following table compares the unaudited consolidated financial information for the three and six months ended December 31, 2018 to unaudited pro-forma consolidated financial information for the three and six months ended December 31, 2017 , whereby the Company assumed that the acquisition of the net assets of Goldline, LLC occurred on July 1, 2017, that is, on the first day of fiscal year 2018, rather than on the actual acquisition date of August 28, 2017.
The above pro-forma supplemental information does not purport to be indicative of what the Company's operations would have been had these transactions occurred on July 1, 2017 and should not be considered indicative of future operating results. The Company believes the assumptions used provide a reasonable basis for reflecting the significant pro-forma effects directly attributable to the acquisition of Goldline. The unaudited pro-forma information accounts for amortization of acquired intangible assets (based on the preliminary purchase price allocation and an estimate of their useful lives), incremental financing costs resulting from the acquisition, elimination of prior sales and purchases between the entities, elimination of acquisition costs and an application of the Company's tax rate. For the three and six months ended December 31, 2018 the Company used the tax rate of 25.6% and 25.8%, respectively. For the three and six months ended December 31, 2017 the Company used the tax rate of 37.5% and 37.5%, respectively. The unaudited pro-forma results do not include any anticipated cost savings or other effects of the integration of Goldline. Related Agreements In connection with the closing of the acquisition, Goldline entered into a privately placed credit facility in the amount of $7.5 million (the “Goldline Credit Facility”) with various lenders (the "Goldline Lenders"), which include some directors from the Company's Board, effective August 28, 2017. Borrowings under the Goldline Credit Facility were used to finance a portion of the consideration payable under the Purchase Agreement. The principal balance of the Goldline Credit Facility, together with a 2% prepayment premium of $150,000, was repaid in full on December 7, 2018. (See Note 14). On the Closing Date, the Seller and Goldline entered into a transition services agreement, pursuant to which Goldline will provide reasonable assistance to the Seller at no cost to the Seller (including access to records and services of transferring employees) for a period of two years following the closing date in connection with assisting the Seller with its continuing obligations for its retained liabilities that were not assumed by Goldline. Also on the Closing Date, the Seller and the former CEO of the Seller also agreed that, for the period commencing on the closing date until the third anniversary thereof, neither they nor any of their affiliates will, directly or indirectly own, manage, operate, join, control, participate in, invest in or otherwise provide assistance to, in any manner, any “competing business” (as defined in the Purchase Agreement). Spinoff from Spectrum Group International, Inc. On March 14, 2014, the Company's former parent, Spectrum Group International, Inc. (including its subsidiaries, "SGI" or the "Former Parent"), effected a spinoff (the "spinoff" or the "Distribution") of the Company from SGI. As a result of the Distribution, the Company became a publicly traded company independent from SGI. On March 17, 2014, A-Mark’s shares of common stock commenced trading on the NASDAQ Global Select Market under the symbol "AMRK." |
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- Definition The entire disclosure for the business description and basis of presentation concepts. Business description describes the nature and type of organization including but not limited to organizational structure as may be applicable to holding companies, parent and subsidiary relationships, business divisions, business units, business segments, affiliates and information about significant ownership of the reporting entity. Basis of presentation describes the underlying basis used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation The condensed consolidated financial statements reflect the financial condition, results of operations, statement of stockholder equity and cash flows of the Company, and were prepared using accounting principles generally accepted in the United States (“U.S. GAAP”). These condensed consolidated financial statements include the accounts of A-Mark, and its wholly owned subsidiaries, CFC, AMTAG, TDS, Logistics, Goldline, its majority owned affiliate AMST, and its variable interest entity ("VIE") AMCF (collectively the “Company”). For the three and six months ended December 31, 2018 and 2017, net income equaled comprehensive income as there were no items of comprehensive income. Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenue and expenses during the reporting periods. These estimates include, among others, determination of fair value, allowances for doubtful accounts, impairment assessments of plant, property and equipment and intangible assets, valuation allowance determination on deferred tax assets, contingent earn-out liabilities, contingent interest liabilities, and revenue recognition judgments. Significant estimates also include the Company's fair value determination with respect to its financial instruments and precious metals inventory. Actual results could materially differ from these estimates. Unaudited Interim Financial Information The accompanying interim condensed consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial reporting. These interim condensed consolidated financial statements are unaudited and, in the opinion of management, include all adjustments (consisting of normal recurring adjustments and accruals) necessary to present fairly the condensed consolidated balance sheets, condensed consolidated statements of operations, condensed consolidated statement of stockholders’ equity, and condensed consolidated statements of cash flows for the periods presented in accordance with U.S. GAAP. Operating results for the six months ended December 31, 2018 are not necessarily indicative of the results that may be expected for the fiscal year ending June 30, 2019 or for any other interim period during such fiscal year. Certain information and footnote disclosures normally included in annual consolidated financial statements prepared in accordance with U.S. GAAP have been omitted in accordance with the rules and regulations of the SEC. These interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto contained in the Company's Annual Report on Form 10-K for the fiscal year ended 2018 (the “2018 Annual Report”), as filed with the SEC. Amounts related to disclosure of June 30, 2018 balances within these interim condensed consolidated financial statements were derived from the aforementioned audited consolidated financial statements and notes thereto included in the 2018 Annual Report. Concentration of Credit Risk Cash is maintained at financial institutions and, at times, balances may exceed federally insured limits. The Company has not experienced any losses related to these balances. Assets that potentially subject the Company to concentrations of credit risk consist principally of receivables, loans of inventory to customers, and inventory hedging transactions. Concentration of credit risk with respect to receivables is limited due to the large number of customers composing the Company's customer base, the geographic dispersion of the customers, and the collateralization of substantially all receivable balances. Based on an assessment of credit risk, the Company typically grants collateralized credit to its customers. The Company enters into inventory hedging transactions, principally utilizing metals commodity futures contracts traded on national futures exchanges or forward contracts with credit worthy financial institutions. Credit risk with respect to loans of inventory to customers is minimal. All of our commodity derivative contracts are under master netting arrangements and include both asset and liability positions. Substantially all of these transactions are secured by the underlying metals positions. Foreign Currency The functional currency of the Company is the United States dollar ("USD"). Also, the functional currency of the Company's wholly-owned foreign subsidiary, AMTAG, is USD, but it maintains its books of record in Euros. The Company remeasures the financial statements of AMTAG into USD. The remeasurement of local currency amounts into USD creates remeasurement gains and losses, which are included in the condensed consolidated statements of operations. To manage the effect of foreign currency exchange fluctuations, the Company utilizes foreign currency forward contracts. These derivatives generate gains and losses when they are settled and/or when they are marked to market. Business Combinations The Company accounts for business combinations by applying the acquisition method in accordance with Accounting Standards Codification (“ASC”) 805, Business Combinations. The Company evaluates each purchase transaction to determine whether the acquired assets meet the definition of a business. Transaction costs related to the acquisition of a business are expensed as incurred and excluded from the fair value of consideration transferred. The identifiable assets acquired, liabilities assumed and non-controlling interests, if any, in an acquired entity are recognized and measured at their estimated fair values. The excess of the fair value of consideration transferred over the fair values of identifiable assets acquired, liabilities assumed and non-controlling interests, if any, in an acquired entity is recorded as goodwill. Such valuations require management to make significant estimates and assumptions, especially with respect to intangible assets and liabilities. Contingent consideration is classified as a liability or equity, as applicable. Contingent consideration in connection with the acquisition of a business is measured at fair value on the acquisition date, and unless classified as equity, is remeasured at fair value each reporting period thereafter until the consideration is settled, with changes in fair value included in net income. Net cash paid to acquire a business is classified as investing activities on the accompanying condensed consolidated statements of cash flow. Variable Interest Entities A variable interest entity ("VIE") is a legal entity that has either a total equity investment that is insufficient to finance its activities without additional subordinated financial support or whose equity investors lack the ability to control the entity’s activities or lack the ability to receive expected benefits or absorb obligations in a manner that is consistent with their investment in the entity. The most common type of VIE is a special purpose entity ("SPE"). SPEs are commonly used in securitization transactions in order to isolate certain assets and distribute the cash flows from those assets to investors. SPEs are generally structured to insulate investors from claims on the SPE’s assets by creditors of other entities, including the creditors of the seller of the assets. A VIE is consolidated for accounting purposes by its primary beneficiary, which is the party that has both the power to direct the activities that most significantly impact the VIE’s economic performance, and the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. The Company consolidates VIEs when it is deemed to be the primary beneficiary. Management regularly reviews and reconsiders its previous conclusions regarding whether it holds a variable interest in potential VIEs, the status of an entity as a VIE, and whether the Company is required to consolidate such VIEs in the consolidated financial statements. The Company has various forms of ongoing involvement with AMCF, which may include (i) holding senior or subordinated interests in AMCF; (ii) acting as loan servicer for a portfolio of loans held by AMCF; and (iii) providing administrative services to AMCF (see Note 14). Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less, when purchased, to be cash equivalents. The Company does not have any cash equivalents as of December 31, 2018 and June 30, 2018. As of December 31, 2018 and June 30, 2018, the Company has $0.4 million and $0.4 million, respectively, in a bank account that is restricted and serves as collateral against a standby letter of credit issued by the bank in favor of the landlord for our office space in Los Angeles, California. Precious Metals held under Financing Arrangements The Company enters into arrangements with certain customers under which A-Mark purchases precious metals from the customers which are subject to repurchase by the customer at the spot value of the product on the repurchase date. The substance of these transactions are precious metals owned by the Company that generate financing income from customers and are not metals held as inventory for sale. As such, the Company has classified this material as "precious metals held under financing arrangements", rather than as "inventory - repurchase arrangements with customers". In these repurchase arrangements, the Company holds legal title to the metals and earns financing income for the duration of the agreement. These arrangements are typically terminable by either party upon 14 days' notice. Upon termination, the customer’s right to repurchase any remaining precious metal is forfeited, and the related precious metals are reclassified as inventory held for sale. As of December 31, 2018 and June 30, 2018, precious metals held under financing arrangements totaled $226.9 million and $262.6 million respectively. The Company’s precious metals held under financing arrangements are "marked-to-market." Inventories Inventories principally include bullion and bullion coins that are acquired and initially recorded at fair market value. The fair market value of the bullion and bullion coins is comprised of two components: (1) published market values attributable to the costs of the raw precious metal, and (2) a published premium paid at acquisition of the metal. The premium is attributable to the additional value of the product in its finished goods form and the market value attributable solely to the premium may be readily determined, as it is published by multiple reputable sources. The Company’s inventories, except for certain lower of cost or market basis products (as discussed below), are subsequently recorded at their fair market values, that is, "marked-to-market." The daily changes in the fair market value of our inventory are offset by daily changes in the fair market value of hedging derivatives that are taken with respect to our inventory positions; both the change in the fair market value of the inventory and the change in the fair market value of these derivative instruments are recorded in cost of sales in the condensed consolidated statements of operations. While the premium component included in inventories is marked-to-market, our commemorative coin inventory, including its premium component, is held at the lower of cost or market, because the value of commemorative coins is influenced more by supply and demand determinants than on the underlying spot price of the precious metal content of the commemorative coins. Unlike our bullion coins, the value of commemorative coins is not subject to the same level of volatility as bullion coins because our commemorative coins typically carry a substantially higher premium over the spot metal price than bullion coins. Neither the commemorative coin inventory nor the premium component of our inventory is hedged (see Note 6.) Plant, Property and Equipment Plant, property and equipment is stated at cost less accumulated depreciation. Depreciation is calculated using a straight line method based on the estimated useful lives of the related assets, ranging from three years to twenty-five years. Depreciation commences when the related assets are placed into service. Internal-use software development costs are capitalized during the application development stage. Internal-use software costs incurred during the preliminary project stage are expensed as incurred. Land is recorded at historical cost, and is not depreciated. Repair and maintenance costs are expensed as incurred. We have no major planned maintenance activities related to our plant assets associated with our minting operations. The Company reviews the carrying value of these assets for impairment whenever events and circumstances indicate that the carrying value of the asset may not be recoverable. In evaluating for impairment, the carrying value of each asset or group of assets is compared to the undiscounted estimated future cash flows expected to result from its use and eventual disposition. An impairment loss is recognized for the difference when the carrying value exceeds the discounted estimated future cash flows. The factors considered by the Company in performing this assessment include current and projected operating results, trends and prospects, the manner in which these assets are used, and the effects of obsolescence, demand and competition, as well as other economic factors. Finite-lived Intangible Assets Finite-lived intangible assets consist primarily of customer relationships, non-compete agreements and employment contracts which are amortized on a straight-line basis over their economic useful lives ranging from three years to fifteen years. We review our finite-lived intangible assets for impairment under the same policy described above for plant, property, and equipment; that is, whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Goodwill and Indefinite-lived Intangible Assets Goodwill is recorded when the purchase price paid for an acquisition exceeds the estimated fair value of the net identified tangible and intangible assets acquired. Goodwill and other indefinite-lived intangibles (such as trade names) are not subject to amortization, but are evaluated for impairment at least annually. However, for tax purposes, goodwill acquired in connection with a taxable asset acquisition is generally deductible. The Company evaluates its goodwill and other indefinite-lived intangibles for impairment in the fourth quarter of the fiscal year (or more frequently if indicators of potential impairment exist) in accordance with the Intangibles - Goodwill and Other Topic 350 of the ASC. Goodwill is reviewed for impairment at a reporting unit level, which in our case, corresponds to the Company’s reportable operating segments. Evaluation of goodwill for impairment The Company has the option to first qualitatively assess whether relevant events and circumstances make it more likely than not that the fair value of the reporting unit's goodwill is less than its carrying value. A qualitative assessment includes analyzing current economic indicators associated with a particular reporting unit such as changes in economic, market and industry conditions, business strategy, cost factors, and financial performance, among others, to determine if there would be a significant decline to the fair value of a particular reporting unit. If the qualitative assessment indicates a stable or improved fair value, no further testing is required. If, based on this qualitative assessment, management concludes that goodwill is more likely than not to be impaired, or elects not to perform the qualitative assessment, then it is required to perform a quantitative analysis to determine the fair value of the business, and compare the calculated fair value of the reporting unit with its carrying amount, including goodwill. If through this quantitative analysis the Company determines the fair value of a reporting unit exceeds its carrying amount, the goodwill of the reporting unit is considered not to be impaired. If the Company concludes that the fair value of the reporting unit is less than its carrying value, a goodwill impairment loss will be recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value (see Note 8). Evaluation of indefinite-lived intangible assets for impairment The Company evaluates its indefinite-lived intangible assets (i.e., trademarks and trade-names) for impairment. In assessing its indefinite-lived intangible assets for impairment, the Company has the option to first perform a qualitative assessment to determine whether events or circumstances exist that lead to a determination that it is more likely than not that the fair value of the indefinite-lived intangible asset is less than its carrying amount. If the Company determines that it is not more likely than not that the fair value of an indefinite-lived intangible asset is less than its carrying amount, the Company is not required to perform any additional tests in assessing the asset for impairment. However, if the Company concludes otherwise or elects not to perform the qualitative assessment, then it is required to perform a quantitative analysis to determine if the fair value of an indefinite-lived intangible asset is less than its carrying value. If through this quantitative analysis the Company determines the fair value of an indefinite-lived intangible asset exceeds its carrying amount, the indefinite-lived intangible asset is considered not to be impaired. If the Company concludes that the fair value of an indefinite-lived intangible asset is less than its carrying value, an impairment loss will be recognized for the amount by which the carrying amount exceeds the indefinite-lived intangible asset’s fair value. The methods used to estimate the fair value measurements of the Company’s reporting units and indefinite-lived intangible assets include those based on the income approach (including the discounted cash flow, and relief-from-royalty methods) and those based on the market approach (primarily the guideline transaction and guideline public company methods) (see Note 8). Long-Term Investments Investments in privately-held entities that are at least 20% but less than 50% owned by the Company are accounted for using the equity method. Under the equity method, the carrying value of the investment is adjusted for the Company’s proportionate share of the investee’s earnings or losses, with the corresponding share of earnings or losses reported in other income (expense). The carrying value of the investment is reduced by the amount of the dividends received from the equity-method investee, as they are considered a return of capital. Investments in privately-held entities that are less than 20% owned by the Company are accounted for using the cost method, unless the Company can exercise significant influence or the investee is economically dependent upon the Company, in which case the equity method is used. Under the cost method, investments are carried at cost and other income is recorded when dividends are received from the cost-method investee. We evaluate our long-term investments for impairment quarterly or whenever events or changes in circumstances indicate that the carrying value of these assets may not be recoverable. As of December 31, 2018 and June 30, 2018, the Company did not identify any impairments. Fair Value Measurement The Fair Value Measurements and Disclosures Topic 820 of the ASC ("ASC 820"), creates a single definition of fair value for financial reporting. The rules associated with ASC 820 state that valuation techniques consistent with the market approach, income approach and/or cost approach should be used to estimate fair value. Selection of a valuation technique, or multiple valuation techniques, depends on the nature of the asset or liability being valued, as well as the availability of data (see Note 3.) Revenue Recognition Settlement Date Accounting Substantially all of the Company’s sales of precious metals are conducted using sales contracts that meet the definition of derivative instruments in accordance with the Derivatives and Hedging Topic 815 of the ASC ("ASC 815"). The contract underlying A-Mark’s commitment to deliver precious metals is referred to as a “fixed-price forward commodity contract” because the price of the commodity is fixed at the time the order is placed. Revenue is recognized on the settlement date, which is defined as the date on which: (1) the quantity, price and specific items being purchased have been established, (2) metals have been delivered to the customer, and (3) payment has been received or is covered by the customer’s established credit limit with the Company. All derivative instruments are marked to market during the interval between the trade date and the settlement date, with the changes in the fair value charged to cost of sales. The Company’s hedging strategy to mitigate the market risk associated with its sales commitments is described separately below under the caption “Hedging Activities.” Types of Trades Orders that are Physically Delivered The Company’s contracts to sell precious metals to customers are usually settled with the physical delivery of metals to the customer, although net settlement (i.e., settlement at an amount equal to the difference between the contract value and the market price of the metal on the settlement date) is permitted. Below is a summary of the Company’s major trade order types and the key factors that determine when settlement occurs and when revenue is recognized for each type:
Hedging Activities The value of our inventory and our purchase and sale commitments are linked to the prevailing price of the underlying precious metal commodity. The Company seeks to minimize the effect of price changes of the underlying commodity and enters into inventory hedging transactions, principally utilizing metals commodity futures contracts traded on national futures exchanges or forward contracts with credit worthy financial institutions. The Company hedges by each commodity type (gold, silver, platinum, and palladium). All of our commodity derivative contracts are under master netting arrangements and include both asset and liability positions. Commodity forward, futures and option contracts entered into for hedging purposes are recorded at fair value on the trade date and are marked to market each period. The difference between the original contract values and the market values of these contracts are reflected as derivative assets or derivative liabilities in the condensed consolidated balance sheets at fair value, with the corresponding unrealized gain or losses included as a component of cost of sales. When these contracts are net settled, the unrealized gains and losses are reversed and the realized gains and losses for forward contracts are recorded in revenue and cost of sales and the net realized gains and losses for futures and option contracts are recorded in cost of sales. The Company enters into futures, forward and option contracts solely for the purpose of hedging our inventory holding risk and our liability on price protection programs, and not for speculative market purposes. The Company’s gains (losses) on derivative instruments are substantially offset by the changes in the fair market value of the underlying precious metals inventory, which is also recorded in cost of sales in the condensed consolidated statements of operations (see Note 11.) Other Sources of Revenue The Company recognizes its storage, logistics and other services revenues in accordance with the FASB's release ASU 2014-09 Revenue From Contracts With Customers Topic 606 ("ASC 606"), which follows five basic steps to determine whether revenue can be recognized: (1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue when (or as) the entity satisfies a performance obligation. The Company recognizes revenue when it satisfies its obligation by transferring control of the good or service to the customer. This is either satisfied over time or at a point in time. A performance obligation is satisfied over time if one of the following criteria are met: (1) the customer simultaneously receives and consumes the benefits as the Company performs, (2) the Company's performance creates or enhances an asset that the customer controls as the asset is created or enhanced, or (3) the Company's performance does not create an asset with an alternative use to the Company, and the Company has an enforceable right for payment of performance completed-to-date. When none of those are met, a performance obligation is satisfied at a point-in-time. The Company recognizes storage revenue over time, as the customer simultaneously receives and consumes the storage services (e.g., fixed storage fees based on the passage of time). The Company recognizes logistics (i.e., fulfillment) revenue at a point-in-time, when the customer receives the benefit of the services (e.g., stated number of packages are shipped on behalf of the customer during a month). In aggregate, these types of service revenues account for less than 1% of the Company's combined revenue from all revenue streams. Interest Income In accordance with the Interest Topic 835 of the ASC ("ASC 835") following are interest income generating activities of the Company:
Interest Expense The Company accounts for interest expense on the following arrangements in accordance with Interest Topic 835 of the ASC ("ASC 835"):
Other Income The Company's other income is derived from the Company's proportional interest in the reported net income or net loss in an investee accounted for under the equity method of accounting (see Note 9) and the gains or losses associated with revaluation adjustments to the contingent earn-out liability associated with our joint venture (AMST). Contingent Earn-out Liability We record an estimate of the fair value of contingent consideration related to the earn-out obligation to SilverTowne LP related to the SilverTowne Mint acquisition. On a quarterly basis, we revalue the liability and record increases or decreases in the fair value as an adjustment to earnings. Changes to the contingent consideration liability can result from adjustments to the discount rate, or from changes to the estimates of future throughput activity of AMST, which are considered Level 3 inputs (see Note 3). Consequentially, the assumptions used in estimating fair value require significant judgment. The use of different assumptions and judgments could result in a materially different estimate of fair value. As of December 31, 2018 and June 30, 2018 the balance of the contingent liability was $84,000 and $588,000 respectively. The current portion of this liability is recorded as a component in accrued liabilities and the non-current portion of this liability is shown as a component in other long-term liabilities. The remaining annual contingent payout obligations, if achieved, would become due on October 30, 2019. Below is a reconciliation of the contingent earn out liability for the six months ended December 31, 2018.
Advertising Advertising expense was $648,000 and $1,059,000, respectively, for the three months ended December 31, 2018 and 2017. Advertising expense was $1,238,000 and $1,576,000, respectively, for the six months ended December 31, 2018 and 2017. Shipping and Handling Costs Shipping and handling costs represent costs associated with shipping product to customers, and receiving product from vendors and are included in cost of sales in the condensed consolidated statements of operations. Shipping and handling costs incurred totaled $1,371,000 and $1,099,000, respectively, for the three months ended December 31, 2018 and 2017. Shipping and handling costs incurred totaled $3,111,000 and $2,183,000, respectively, for the six months ended December 31, 2018 and 2017. Share-Based Compensation The Company accounts for equity awards under the provisions of the Compensation - Stock Compensation Topic 718 of the ASC ("ASC 718"), which establishes fair value-based accounting requirements for share-based compensation to employees. ASC 718 requires the Company to recognize the grant-date fair value of stock options and other equity-based compensation issued to employees as expense over the service period in the Company's condensed consolidated financial statements. The expense is adjusted for actual forfeitures of unvested awards as they occur. Income Taxes As part of the process of preparing its condensed consolidated financial statements, the Company is required to estimate its provision for income taxes in each of the tax jurisdictions in which it conducts business, in accordance with the Income Taxes Topic 740 of the ASC ("ASC 740"). The Company computes its annual tax rate based on the statutory tax rates and tax planning opportunities available to it in the various jurisdictions in which it earns income. Significant judgment is required in determining the Company's annual tax rate and in evaluating uncertainty in its tax positions. The Company recognizes a benefit for tax positions that it believes will more likely than not be sustained upon examination. The amount of benefit recognized is the largest amount of benefit that the Company believes has more than a 50% probability of being realized upon settlement. The Company regularly monitors its tax positions and adjusts the amount of recognized tax benefit based on its evaluation of information that has become available since the end of its last financial reporting period. The annual tax rate includes the impact of these changes in recognized tax benefits. When adjusting the amount of recognized tax benefits, the Company does not consider new information that has become available after the balance sheet date, but does disclose the effects of new information whenever those effects would be material to the Company's condensed consolidated financial statements. The difference between the amount of benefit taken or expected to be taken in a tax return and the amount of benefit recognized for financial reporting represents unrecognized tax benefits. These unrecognized tax benefits are presented in the condensed consolidated balance sheets principally within accrued liabilities. The Company accounts for uncertainty in income taxes under the provisions of ASC 740. These provisions clarify the accounting for uncertainty in income taxes recognized in an enterprise's financial statements, and prescribe a recognition threshold and measurement criteria for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The provisions also provide guidance on de-recognition, classification, interest, and penalties, accounting in interim periods, disclosure, and transition. The potential interest and/or penalties associated with an uncertain tax position are recorded in provision for income taxes on the condensed consolidated statements of operations. Please refer to Note 12 for further discussion regarding these provisions. Income taxes are accounted for using an asset and liability approach that requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. A valuation allowance is provided when it is more likely than not that some portion or all of the net deferred tax assets will not be realized. The factors used to assess the likelihood of realization include the Company's forecast of the reversal of temporary differences, future taxable income and available tax planning strategies that could be implemented to realize the net deferred tax assets. Failure to achieve forecasted taxable income in applicable tax jurisdictions could affect the ultimate realization of deferred tax assets and could result in an increase in the Company's effective tax rate on future earnings. Based on our assessment it appears more likely than not that all of the net deferred tax assets will be realized through future taxable income. The Company's condensed consolidated financial statements recognized the current and deferred income tax consequences that result from the Company's activities during the current and preceding periods, as if the Company were a separate taxpayer prior to the date of the Distribution of the company when it was a member of the consolidated income tax return group of its Former Parent (Spectrum Group International, Inc.). Following its spin-off, the Company files federal and state income tax filings that are separate from the Former Parent's tax filings. The Company recognizes current and deferred income taxes as a separate taxpayer for periods ending after the date of Distribution. Earnings per Share ("EPS") The Company computes and reports both basic EPS and diluted EPS. Basic EPS is computed by dividing net earnings (losses) by the weighted average number of common shares outstanding for the period. Diluted EPS is computed by dividing net earnings (losses) by the sum of the weighted average number of common shares and dilutive common stock equivalents outstanding during the period. Diluted EPS reflects the total potential dilution that could occur from outstanding equity awards, including unexercised stock options, utilizing the treasury stock method. A reconciliation of shares used in calculating basic and diluted earnings per common shares for the three and six months ended December 31, 2018 and 2017, is presented below.
Dividends Dividends are recorded if and when they are declared by the Board of Directors. Recently Adopted Accounting Pronouncements From time to time, the Financial Accounting Standards Board ("FASB") or other standards setting bodies issue new accounting pronouncements. Updates to the FASB Accounting Standards Codification (“ASC”) are communicated through issuance of an Accounting Standards Update (“ASU”). In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) ("ASU 2014-09"), which supersedes nearly all existing revenue recognition guidance under U.S. GAAP. The core principle of ASU No. 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU No. 2014-09 defines a five step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing U.S. GAAP. In March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net) (“ASU 2016-08”). The amendments in ASU 2016-08 clarify the implementation guidance on principal versus agent considerations. In April 2016, the FASB issued ASU 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing (“ASU 2016-10”). The amendments in ASU 2016-10 clarify aspects relating to the identification of performance obligations and improve the operability and understandability of the licensing implementation guidance. In May 2016, the FASB issued ASU No. 2016-12("ASU 2016-12"), Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients. The amendments in ASU 2016-12 address certain issues identified on assessing collectability, presentation of sales taxes, non-cash consideration, and completed contracts and contract modifications at transition. The Company implemented these pronouncements in the first quarter of fiscal 2019, which did not have a significant effect on the financial results of the Company since a substantially all of the Company's revenue in fiscal years 2018 and 2017, fell under the authoritative guidance of ASC 815, which is outside the scope of ASC 606. Recent Accounting Pronouncements Not Yet Adopted In February 2016, FASB issued ASU No. 2016-02, (“ASU 2016-02”), Leases (Topic 842). The amendments in this update require lessees to recognize a lease liability measured on a discounted basis and a right-of-use asset for all leases at the commencement date. This update is effective for the Company, on July 1, 2019 (for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years), and is to be applied using a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. We are evaluating the new guidelines, but believe that adoption will not have a material impact on our consolidated financial position, results of operations or cash flows and related disclosures, as the Company has minimal lease commitments. In June 2016, the FASB issued ASU No. 2016-13, (“ASU 2016-13”), Financial Instruments - Credit Loss(Topic 326), which updates the guidance on recognition and measurement of credit losses for financial assets. The new requirements, known as the current expected credit loss model ("CECL") will require entities to adopt an impairment model based on expected losses rather than incurred losses. This update is effective for the Company, on July 1, 2020 (for fiscal years beginning after December 15, 2019 including interim periods within those fiscal years.) The Company is currently evaluating the potential impact of the adoption of the new standard on its consolidated statements of financial condition and results of operations. |
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- Definition The entire disclosure for all significant accounting policies of the reporting entity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| Assets and Liabilities, at Fair Value | ASSETS AND LIABILITIES, AT FAIR VALUE Fair Value of Financial Instruments The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments as of December 31, 2018 and June 30, 2018.
The fair values of the financial instruments shown in the above table as of December 31, 2018 and June 30, 2018 represent the amounts that would be received upon the sale of those assets or that would be paid to transfer those liabilities in an orderly transaction between market participants at that date. Those fair value measurements maximize the use of observable inputs. However, in situations where there is little, if any, market activity for the asset or liability at the measurement date, the fair value measurement reflects the Company’s own judgments about the assumptions that market participants would use in pricing the asset or liability. Those judgments are developed by the Company based on the best information available in the circumstances, including expected cash flows and appropriately risk adjusted discount rates, and available observable and unobservable inputs. The carrying amounts of cash, secured loans receivable, receivables, income taxes receivable, accounts payable, note payable, and accrued liabilities approximate fair value due to their short-term nature. The carrying amounts of derivative assets and derivative liabilities, liability on borrowed metals and product financing arrangements are marked-to-market on a daily basis to fair value. The carrying amounts of lines of credit and debt obligation approximate fair value based on the borrowing rates currently available to the Company for bank loans with similar terms and average maturities. The carrying value of other long-term liabilities represents the long-term portion of contingent earn-out liabilities that are remeasured on a quarterly basis. Valuation Hierarchy Topic 820 of the ASC established a three-level valuation hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The three levels are defined as follows:
The significant assumptions used to determine the carrying value and the related fair value of the assets and liabilities measured at fair value on a recurring basis are described below: Inventory. Inventories, principally include bullion and bullion coins, are acquired and initially recorded at fair market value. The fair market value of the bullion and bullion coins are comprised of two components: 1) published market values attributable to the costs of the raw precious metal, and 2) a published premium paid at acquisition of the metal. The premium is attributable to the additional value of the product in its finished goods form and the market value attributable solely to the premium is readily determined, as it is published by multiple reputable sources. Except for commemorative coin inventory, which are included in inventory at the lower of cost or market, the Company’s inventories are subsequently recorded at their fair market values on a daily basis. The fair value for commodities inventory (i.e., inventory excluding commemorative coins) is determined using pricing data derived from the markets on which the underlying commodities are traded. Precious metals commodities inventory are classified in Level 1 of the valuation hierarchy. Precious Metals held under Financing Arrangements. The Company enters into arrangements with certain customers under which A-Mark purchases precious metals from the customers which are subject to repurchase by the customer at the spot value of the product on the repurchase date. The substance of these transactions are precious metals owned by the Company that generate financing income from customers and are not metals held as inventory for sale. As such, the Company has classified this material as "precious metals held under financing arrangements", rather than as "inventory - repurchase arrangements with customers". In these repurchase arrangements, the Company holds legal title to the metals and earns financing income for the duration of the agreement. The fair value for precious metals held under financing arrangements, (a commodity, like inventory above) is determined using pricing data derived from the markets on which the underlying commodities are traded. Precious metals commodities inventory are classified in Level 1 of the valuation hierarchy. Derivatives. Futures contracts, forward contracts, option contracts and open sale and purchase commitments are valued at their fair values, based on the difference between the quoted market price and the contractual price (i.e., intrinsic value,) and are included within Level 1 of the valuation hierarchy. Margin and Borrowed Metals Liabilities. Margin and borrowed metals liabilities consist of the Company's commodity obligations to margin customers and suppliers, respectively. Margin liabilities and borrowed metals liabilities are carried at fair value, which is determined using quoted market pricing and data derived from the markets on which the underlying commodities are traded. Margin and borrowed metals liabilities are classified in Level 1 of the valuation hierarchy. Product Financing Arrangements. Product financing arrangements consist of financing agreements for the transfer and subsequent re-acquisition of the sale of gold and silver at an agreed-upon price based on the spot price with a third party. Such transactions allow the Company to repurchase this inventory on the termination (repurchase) date. The third party charges monthly interest as a percentage of the market value of the outstanding obligation, which is carried at fair value. The obligation is stated at the amount required to repurchase the outstanding inventory. Fair value is determined using quoted market pricing and data derived from the markets on which the underlying commodities are traded. Product financing arrangements are classified in Level 1 of the valuation hierarchy. Liability on Price Protection Programs. The Company records an estimate of the fair value of the liability on the price protection programs based on the difference between the contractual price at trade date and the retail price at the remeasurement date (i.e., quarter-end) based on the expected redemption rate. As of December 31, 2018, the Company used the quoted market price based on the current spot rate and used an expected redemption rate of 100%. The use of a throughput rate ignores the future price volatility that would affect the timing and rate of redemption under the program, and, as a result, the liability on the price protection programs is classified in Level 3 of the valuation hierarchy. Contingent Earn-out Liability. The Company records an estimate of the fair value of contingent consideration related to the earn-out obligation to SilverTowne LP related to the SilverTowne Mint transaction. On a quarterly basis, the liability is remeasured and increases or decreases in the fair value are recorded as an adjustment to other income on the condensed consolidated statements of operations. Changes to the contingent consideration liability can result from adjustments to the discount rate, or from changes to the estimates of future throughput activity of AMST. The assumptions used in estimating fair value require significant judgment. The use of different assumptions and judgments could result in a materially different estimate of fair value. The key inputs in determining fair value of our contingent consideration obligations include the changes in the assumed timing and amounts of future throughputs (i.e., operating income, operating cost per unit, and production volume) which affects the timing and amount of future earn-out payments. Contingent earn-out liability is classified in Level 3 of the valuation hierarchy. The Company values the contingent obligation by determining the likelihood that the company has achieved the following targeted amount of performance thresholds for each annual earn-out period. Such thresholds include (1) Producing a targeted amount of silver ounces, (2) Earning a targeted amount of operating income, and (3) Generating an operating cost per ounce that is less than a targeted level. Each category triggers a different annual payout obligation if achieved over a 3 year period, and as of December 31, 2018, the remaining annual contingent payout obligations, if achieved, would become due on October 30, 2019. The company re-assesses this contingent obligation each quarter based on the most current facts and market conditions. The obligation continues to remain as a liability at its original recorded value unless, based on each quarterly evaluation, it becomes evident the Company will not achieve all or part of the threshold performance targets. In such case, the obligation is adjusted to its more current estimated value. The following tables present information about the Company's assets and liabilities measured at fair value on a recurring basis as of December 31, 2018 and June 30, 2018, aggregated by the level in the fair value hierarchy within which the measurements fall:
____________________ (1) Commemorative coin inventory totaling $47,000 is held at lower of cost or market and is thus excluded from this table.
____________________ (1) Commemorative coin inventory totaling $99,000 is held at lower of cost or market and is thus excluded from this table. There were no transfers in or out of Level 2 or 3 from other levels within the fair value hierarchy during the reported periods. Assets Measured at Fair Value on a Non-Recurring Basis Certain assets are measured at fair value on a nonrecurring basis. These assets are not measured at fair value on an ongoing basis but are subject to fair value adjustments only under certain circumstances. These include: cost method and equity method investments that are written down to fair value when a decline in the fair value is determined to be other-than-temporary, and plant, property and equipment, intangibles or goodwill, which are written down to fair value when they are held for sale or determined to be impaired. The resulting fair value measurements of the assets are considered to be Level 3 measurements. Determining fair value requires the exercise of significant judgments, including judgments about appropriate discount rates, long-term growth rates, relevant comparable company earnings multiples and the amount and timing of expected future cash flows. The cash flows employed in the analyses are based on the Company’s estimated outlook and various growth rates. Discount rate assumptions are based on an assessment of the risk inherent in the future cash flows of the respective reporting units. In assessing the reasonableness of its determined fair values, the Company evaluates its results against other value indicators, such as comparable transactions and comparable public company trading values. The Company evaluates its goodwill and other indefinite-lived intangibles for impairment on non-recurring basis in the fourth quarter of the fiscal year, or more frequently if indicators of potential impairment exist. As of June 30, 2018, the carrying value of the Company's indefinite-lived intangible and goodwill assets totaled $3.2 million and $8.9 million, respectively. As of December 31, 2018 , the carrying value of the Company's indefinite-lived intangible and goodwill assets totaled $3.2 million and $8.9 million, respectively (see Note 8). The Company's two investments in noncontrolled entities do not have readily determinable fair values. Quoted prices of the investments are not available, and the Company identified no impairment indicators that may affect the carrying value of these investments. Based on the Company's assessment of the carrying value of these assets, during the three and six months ended December 31, 2018 and 2017 the Company did not record any impairments related to these investments. As of December 31, 2018 and June 30, 2018, the carrying value of the Company's investments totaled $10.4 million and $8.4 million, respectively. |
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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Receivables |
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| Receivables | RECEIVABLES Receivables consist of the following as of December 31, 2018 and June 30, 2018:
Customer Trade Receivables. Customer trade receivables represent short-term, non-interest bearing amounts due from precious metal sales, advances related to financing products, and other secured interests in assets of the customer. Wholesale Trade Advances. Wholesale trade advances represent advances of various bullion products and cash advances for purchase commitments of precious metal inventory. Typically, these advances are unsecured, short-term, and non-interest bearing, and are made to wholesale metals dealers and government mints. Due from Brokers. Due from brokers principally consists of the margin requirements held at brokers related to open futures contracts (see Note 11). Allowance for Doubtful Accounts An allowance for doubtful accounts is a reduction of the total amount of receivables appearing on the Company’s condensed consolidated balance sheets. The allowance for doubtful accounts represents our estimate of the amount of accounts receivable that may not be paid by customers. A summary of the activity in the allowance for doubtful accounts is as follows:
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- Definition The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- References No definition available.
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Secured Loans Receivable |
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| Receivables [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Secured Loans Receivable | SECURED LOANS RECEIVABLE Below is a summary of the carrying value of our secured loans as of December 31, 2018 and June 30, 2018:
(1) Includes $29 thousand of loan premium as of December 31, 2018. (2) Includes $54 thousand of loan premium as of June 30, 2018. Secured Loans - Originated: Secured loans include short-term loans, which include a combination of on-demand lines and short term facilities, and long-term loans that are made to our customers. These loans are fully secured by the customers' assets that include bullion, numismatic and semi-numismatic material, which are typically held in safekeeping by the Company. (See Note 13 for further information regarding our secured loans made to related parties.) Secured Loans - Acquired: Secured loans also include short-term loans, which include a combination of on-demand lines and short term facilities that are purchased from our customers. The Company acquires a portfolio of their loan receivables at a price that approximates the aggregate carrying value of each loan in the portfolio, as determined on the effective transaction date. Each loan in the portfolio is fully secured by the borrowers' assets, which include bullion, numismatic and semi-numismatic material that are held in safekeeping by the Company. Typically, the seller of the loan portfolio retains the responsibility for the servicing and administration of the loans. As of December 31, 2018 and June 30, 2018, our secured loans carried weighted-average effective interest rates of 9.6% and 9.6%, respectively, and mature in periods generally ranging typically from on-demand to one year. The secured loans that the Company generates with active customers of A-Mark are reflected as an operating activity on the condensed consolidated statements of cash flows. The secured loans that the Company generates with borrowers who are not active customers of A-Mark are reflected as an investing activity on the condensed consolidated statements of cash flows as secured loans, net. For the secured loans that (i) are reflected as an investing activity and have terms that allow the borrowers to increase their loan balance (at the discretion of the Company) based on the excess value of their collateral compared to their aggregate principal balance of loan, and (ii) are repayable on demand or in the short-term, the borrowings and repayments are netted on the condensed consolidated statements of cash flows. Credit Quality of Secured Loans Receivables and Allowance for Credit Losses The Company applies a systematic methodology to determine the allowance for credit losses for secured loan receivables. The secured loan receivables portfolio is comprised solely of secured loans with similar risk profiles. This similarity allows the Company to apply a standard methodology to determine the credit quality for each loan. The credit quality of each loan is generally determined by the secured material, the initial and ongoing collateral value determination and the assessment of loan-to-value determination. Typically, the Company's secured loan receivables within its portfolio have similar credit risk profiles and methods for assessing and monitoring credit risk. The Company evaluates its loan portfolio in one of two classes of secured loan receivables: those loans secured by: 1) bullion items, and 2) numismatic and semi-numismatic coins. The Company's secured loans by portfolio class, which align with management reporting, are as follows:
Each of the two classes of secured loans receivables have the same initial measurement attribute and a similar method for assessing and monitoring credit risk. The methodology of assessing the credit quality of the secured loans acquired by the Company is similar to the secured loans originated by the Company; they are administered using the same internal reporting system, collateralized by precious metals, for which loan-to-value determination procedures are applied. Credit Quality of Loans and Non-Performing Status Generally, interest is due and payable within 30 days. A loan is considered past due if interest is not paid in 30 days or collateral calls are not met timely. Typically, loans do not achieve the threshold of non-performing status due to the fact that customers are generally put into default for any interest past due over 30 days and for unsatisfied collateral calls. When this occurs the loan collateral is typically liquidated within 90 days. For certain secured loans, interest is billed monthly and, if not paid, is added to the outstanding loan balance. These secured loans are considered past due if their current loan-to-value ratio fails to meet established minimum equity levels, and the borrower fails to meet the collateral call required to reestablish the appropriate loan-to-value ratio. Non-performing loans have the highest probability for credit loss. The allowance for credit losses attributable to non-performing loans is based on the most probable source of repayment, which is normally the liquidation of collateral. In determining collateral value, the Company estimates the current market value of the collateral and considers credit enhancements such as additional collateral and third-party guarantees. Due to the accelerated liquidation terms of the Company's loan portfolio, all past due loans are generally liquidated within 90 days of default. Further information about the Company's credit quality indicators includes differentiating by categories of current loan-to-value ratios. The Company desegregates its secured loans that are collateralized by precious metal products, as follows:
The Company had no loans with a loan-to-value ratio in excess of 100% at December 31, 2018 or June 30, 2018. Impaired loans A loan is considered impaired if it is probable, based on current information and events, that the Company will be unable to collect all amounts due according to the contractual terms of the loan. Customer loans are reviewed for impairment and include loans that are past due, non-performing or in bankruptcy. Recognition of interest income is suspended and the loan is placed on non-accrual status when management determines that collection of future interest income is not probable. Accrual is resumed, and previously suspended interest income is recognized, when the loan becomes contractually current and/or collection doubts are removed. Cash receipts on impaired loans are recorded first against the receivable and then to any unrecognized interest income. All loans are contractually subject to margin calls. As a result, loans typically do not become impaired due to the fact the Company has the ability to require margin calls which are due upon receipt. Per the terms of the loan agreement, the Company has the right to liquidate the loan collateral in the event of a default. The collateral material is highly liquid and can easily be sold by the Company to pay off the loan. In such circumstances, this would result in a short term impairment that would typically result in full repayment of the loan and fees due to the Company. For the three months ended December 31, 2018 and 2017, the Company incurred no loan impairment costs. For the six months ended December 31, 2018 and 2017, the Company incurred no loan impairment costs. |
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- Definition The entire disclosure for financing receivables. Examples of financing receivables include, but are not limited to, loans, trade accounts receivables, notes receivable, credit cards, and receivables relating to a lessor's right(s) to payment(s) from a lease other than an operating lease that is recognized as assets. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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Inventories |
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| Inventory Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inventories | INVENTORIES Our inventory consists of the precious metals that the Company has physically received, and inventory held by third-parties, which, at the Company's option, it may or may not receive. Below, our inventory is summarized by classification at December 31, 2018 and June 30, 2018:
Inventory Held for Sale. Inventory held for sale represents precious metals, excluding commemorative coin inventory, that have been received by the Company that is not subject to repurchase or consignment arrangements with third parties. As of December 31, 2018 and June 30, 2018, the inventory held for sale totaled $65.8 million and $32.6 million, respectively. Repurchase Arrangements with Customers. The Company enters into arrangements with certain customers under which A-Mark purchases precious metals from the customers which are subject to repurchase by the customer at the fair value of the product on the repurchase date. Under these arrangements, the Company, which holds legal title to the metals, earns financing income until the time the arrangement is terminated or the material is repurchased by the customer. In the event of a repurchase by the customer, the Company records a sale. These arrangements are typically terminable by either party upon 14 days' notice. Upon termination, the customer’s rights to repurchase any remaining inventory is forfeited. As of December 31, 2018 and June 30, 2018, included within inventory is $98.2 million and $104.9 million, respectively, of precious metals products subject to repurchase arrangements with customers. Consignment Arrangements with Customers. The Company periodically loans metals to customers on a short-term consignment basis. Inventories loaned under consignment arrangements to customers as of December 31, 2018 and June 30, 2018 totaled $6.2 million and $10.8 million, respectively. Such transactions are recorded as sales and are removed from the Company's inventory at the time the customer elects to price and purchase the precious metals. Commemorative Coins. Our commemorative coin inventory, including its premium component, is held at the lower of cost or market, because the value of commemorative coins is influenced more by supply and demand determinants than on the underlying spot price of the precious metal content of the commemorative coins. Unlike our bullion coins, the value of commemorative coins is not subject to the same level of volatility as bullion coins because our commemorative coins typically carry a substantially higher premium over the spot metal price than bullion coins. Our commemorative coins are not hedged, and are included in inventory at the lower of cost or market and totaled $47,000 and $99,000 as of December 31, 2018 and June 30, 2018, respectively. Borrowed Precious Metals. Borrowed precious metals inventories include: (1) metals held by suppliers as collateral on advanced pool metals, (2) amounts due to suppliers for the use of consigned inventory, (3) unallocated metal positions held by customers in the Company’s inventory, and (4) shortages in unallocated metal positions held by the Company in the supplier’s inventory. Unallocated or pool metal represents an unsegregated inventory position that is due on demand, in a specified physical form, based on the total ounces of metal held in the position. Amounts due under these arrangements require delivery either in the form of precious metals, or cash. The Company's inventories included borrowed precious metals with market values totaling $23.6 million and $17.8 million as of December 31, 2018 and June 30, 2018, respectively, with a corresponding offsetting obligation reflected as liabilities on borrowed metals on the condensed consolidated balance sheets. Product Financing Arrangements. In substance, these inventories represent amounts held as security by lenders for obligations under product financing arrangements. The Company enters into a product financing agreement for the transfer and subsequent re-acquisition of gold and silver at an agreed-upon price based on the spot price with a third party finance company. This inventory is restricted and is held at a custodial storage facility in exchange for a financing fee, paid to the third party finance company. During the term of the financing, the third party finance company holds the inventory as collateral, and both parties intend for the inventory to be returned to the Company at an agreed-upon price based on the spot price on the finance arrangement termination date. These transactions do not qualify as sales and have been accounted for as financing arrangements in accordance with ASC 470-40 Product Financing Arrangements. The obligation is stated at the amount required to repurchase the outstanding inventory. Both the product financing and the underlying inventory are carried at fair value, with changes in fair value included in cost of sales in the condensed consolidated statements of operations. Such obligations totaled $82.4 million and $113.9 million as of December 31, 2018 and June 30, 2018, respectively. The Company mitigates market risk of its physical inventories and open commitments through commodity hedge transactions (see Note 11.) As of December 31, 2018 and June 30, 2018, the unrealized gains (losses) resulting from the difference between market value and cost of physical inventories were $5.5 million and $(5.4) million, respectively. Premium component of inventory The Company's inventories primarily include bullion and bullion coins and are acquired and initially recorded at fair market value. The fair market value of the bullion and bullion coins is comprised of two components: (1) published market values attributable to the cost of the raw precious metal, and (2) a published premium paid at acquisition of the metal. The premium is attributable to the additional value of the product in its finished goods form and the market value attributable solely to the premium is readily determined, as it is published by multiple reputable sources. The premium is included in the cost of the inventory, paid at acquisition, and is a component of the total fair market value of the inventory. The precious metal component of the inventory may be hedged through the use of precious metal commodity positions, while the premium component of our inventory is not a commodity that may be hedged. The Company’s inventories are subsequently recorded at their fair market values, that is, "marked-to-market", except for our commemorative coin inventory. The daily changes in the fair market value of our inventory are offset by daily changes in fair market value of hedging derivatives that are taken with respects to our inventory positions; both the change in the fair market value of the inventory and the change in the fair market value of these derivative instruments are recorded in cost of sales in the condensed consolidated statements of operations. The premium component, at market value, included in the inventories as of December 31, 2018 and June 30, 2018 totaled $4.0 million and $3.5 million, respectively. |
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- References No definition available.
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- Definition The entire disclosure for inventory. Includes, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the classes of inventory, and the nature of the cost elements included in inventory. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Plant, Property and Equipment |
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| Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Plant, Property and Equipment | PLANT, PROPERTY AND EQUIPMENT Plant, property and equipment consists of the following at December 31, 2018 and June 30, 2018:
Depreciation expense for the three months ended December 31, 2018 and 2017 was $448,000 and $530,000, respectively. Depreciation expense for the six months ended December 31, 2018 and 2017 was $893,000 and $902,000, respectively. |
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- References No definition available.
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- Definition The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Goodwill and Intangible Assets |
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| Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill and Intangible Assets | GOODWILL AND INTANGIBLE ASSETS In connection with the acquisition of A-Mark by Former Parent on July 1, 2005, the accounts of the Company were adjusted using the push down basis of accounting to recognize the allocation of the consideration paid to the respective net assets acquired. In accordance with the push down basis of accounting, the Company's net assets were adjusted to their fair values as of the date of the acquisition based upon an independent appraisal. Due to the Company's business combination with AMST that closed on August 31, 2016, the Company recorded an additional $2.5 million and $4.3 million of identifiable intangible assets and goodwill, respectively; these values were based upon an independent appraisal. The Company’s investment in AMST has resulted in synergies between the acquired minting operation and the Company’s established distribution network by providing a more steady and reliable fabricated source of silver during times of market volatility. The Company considers that much of the acquired goodwill relates to the “ready state” of AMST's established minting operation with existing quality processes, procedures and ability to scale production to meet market needs. Due to the Company's acquisition of Goldline, the Company recorded $5.0 million and $1.4 million of additional identifiable intangible assets and goodwill, respectively; these values were based upon an independent appraisal and represents their fair values at the acquisition date. The Company’s investment in Goldline created synergies between Goldline's direct marketing operation and the Company’s established distribution network, secured storage and lending operations that is expected to lead to increased product margin spreads, lower distribution and storage costs for Goldline, and a larger customer base for the Company's secured lending operations. The carrying value of goodwill and other purchased intangibles as of December 31, 2018 and June 30, 2018 is as described below:
The Company's intangible assets are subject to amortization except for trade-names, which have an indefinite life. Intangible assets subject to amortization are amortized using the straight-line method over their useful lives, which are estimated to be three to fifteen years. Amortization expense related to the Company's intangible assets for the three months ended December 31, 2018 and 2017 was $252,000 and $253,000, respectively. Amortization expense related to the Company's intangible assets for the six months ended December 31, 2018 and 2017 was $504,000 and $410,000, respectively. Impairment The accumulated impairment charge of $2.7 million (goodwill and indefinite-lived intangible assets) was a non-recurring charge for fiscal 2018. No further impairment of goodwill or intangible assets has occurred for the six months ended December 31, 2018. Estimated Amortization Estimated amortization expense on an annual basis for the succeeding five years is as follows (in thousands):
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- References No definition available.
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- Definition The entire disclosure for goodwill and intangible assets. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Long-Term Investments |
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| Equity Method Investments and Cost Method Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Long-Term Investments | LONG-TERM INVESTMENTS The Company has two investments in privately-held entities, both of which are online precious metals retailers and customers of the Company. The Company has exclusive supplier agreements with each entity, for which these customers have agreed to purchase all bullion products required for their businesses exclusively from A-Mark, subject to certain limitations. The Company also provides fulfillment services to both of these customers. The following table shows the carrying value of the Company's investments in the privately held companies, categorized by type of investment:
Equity Method Investment The Company applies the equity method of accounting for its investment in which it has aggregate ownership interest of 20.6%. Under the equity method of accounting, the carrying value of the investment is adjusted for the Company's proportional share of the investee's reported earnings or losses with the corresponding share of earnings or losses reported in other income (expense) on the condensed consolidated statements of operations. The Company's proportionate share of the investee’s net income totaled $311,000 and $122,000 for the three months ended December 31, 2018 and 2017, respectively. The Company's proportionate share of the investee’s net income totaled $559,000 and $179,000 for the six months ended December 31, 2018 and 2017, respectively. Cost Method Investment The Company applies the cost method to its investment in which its ownership percentage, based on the number of fully dilutive common shares outstanding, was 7.4% and 2.5% as of December 31, 2018 and June 30, 2018, respectively. As of December 31, 2018 and June 30, 2018, the aggregate carrying balance of this investment was $2.0 million and $0.5 million, respectively. |
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- Definition Equity Method Investments and Cost Method Investments [Abstract] No definition available.
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- Definition Equity Method and Cost Method Investments [Text Block] No definition available.
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Accounts Payable |
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| Accounts Payable, Current [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accounts Payable | ACCOUNTS PAYABLE Accounts payable consists of the following:
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- Definition The entire disclosure for accounts payable and accrued liabilities at the end of the reporting period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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Derivative Instrument and Hedging Transactions |
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative Instrument and Hedging Transactions | DERIVATIVE INSTRUMENTS AND HEDGING TRANSACTIONS The Company is exposed to market risk, such as changes in commodity prices, and foreign exchange rates. To manage the volatility relating to these exposures, the Company enters into various derivative products, such as forwards and futures contracts. By policy, the Company historically has entered into derivative financial instruments for the purpose of hedging substantially all of Company's market exposure to precious metals prices, and not for speculative purposes. The Company’s gains (losses) on derivative instruments are substantially offset by the changes in the fair market value of the underlying precious metals inventory, both of which are recorded in cost of sales in the consolidated statements of operations. Commodity Price Management The Company manages the value of certain assets and liabilities of its trading business, including trading inventories, by employing a variety of hedging strategies. These strategies include the management of exposure to changes in the market values of the Company's trading inventories through the purchase and sale of a variety of derivative instruments, such as, forwards and futures contracts. The Company enters into derivative transactions solely for the purpose of hedging its inventory subject to price risk, and not for speculative market purposes. Due to the nature of the Company's global hedging strategy, the Company is not using hedge accounting as defined under Topic 815 of the ASC, whereby the gains or losses would be deferred and included as a component of other comprehensive income. Instead, gains or losses resulting from the Company's futures and forward contracts and open sale and purchase commitments are reported in the condensed consolidated statement of operations as unrealized gains or losses on commodity contracts (a component of cost of sales) with the related unrealized amounts due from or to counterparties reflected as a derivative asset or liability on the condensed consolidated balance sheets. The Company's trading inventories and purchase and sale transactions consist primarily of precious metal products. The value of these assets and liabilities are marked-to-market daily to the prevailing closing price of the underlying precious metals. The Company's precious metals inventories are subject to market value changes, created by changes in the underlying commodity market prices. Inventories purchased or borrowed by the Company are subject to price changes. Inventories borrowed are considered natural hedges, since changes in value of the metal held are offset by the obligation to return the metal to the supplier. The Company’s open sale and purchase commitments typically settle within 2 business days, and for those commitments that do not have stated settlement dates, the Company has the right to settle the positions upon demand. Futures and forwards contracts open at end of any period typically settle within 30 days. Open sale and purchase commitments are subject to changes in value between the date the purchase or sale price is fixed (the trade date) and the date the metal is received or delivered (the settlement date). The Company seeks to minimize the effect of price changes of the underlying commodity through the use of forward and futures contracts. The Company's policy is to substantially hedge its inventory position, net of open sale and purchase commitments that are subject to price risk. The Company regularly enters into precious metals commodity forward and futures contracts with financial institutions to hedge price changes that would cause changes in the value of its physical metals positions and purchase commitments and sale commitments. The Company has access to all of the precious metals markets, allowing it to place hedges. The Company also maintains relationships with major market makers in every major precious metals dealing center. The Company’s management sets credit and position risk limits. These limits include gross position limits for counterparties engaged in sales and purchase transactions with the Company. They also include collateral limits for different types of sale and purchase transactions that counterparties may engage in from time to time. Derivative Assets and Liabilities The Company's derivative assets and liabilities represent the net fair value of the difference (or intrinsic value) between market values and trade values at the trade date for open precious metals sale and purchase contracts, as adjusted on a daily basis for changes in market values of the underlying metals, until settled. The Company's derivative assets and liabilities represent the net fair value of open precious metals forwards and futures contracts. The precious metals forwards and futures contracts are settled at the contract settlement date. All of our commodity derivative contracts are under master netting arrangements and include both asset and liability positions (i.e., offsetting derivative instruments). As such, for the Company's derivative contracts with the same counterparty, the receivables and payables have been netted on the condensed consolidated balance sheets. Such derivative contracts include open sale and purchase commitments, futures, forwards and margin accounts. In the table below, the aggregate gross and net derivative receivables and payables balances are presented by contract type and type of hedge, as of December 31, 2018 and June 30, 2018.
Gains or Losses on Derivative Instruments The Company records the derivative at the trade date with a corresponding unrealized gain (loss), shown as a component of cost of sales in the condensed consolidated statements of operations. The Company adjusts the derivatives to fair value on a daily basis until the transactions are settled. When these contracts are net settled, the unrealized gains and losses are reversed and the realized gains and losses for forward contracts are recorded in revenue and cost of sales, and the net realized gains and losses for futures and option contacts are recorded in cost of sales. Below is a summary of the net gains (losses) on derivative instruments for the three and six months ended December 31, 2018 and 2017.
The Company’s net gains on derivative instruments, as shown in the table above, were substantially offset by the changes in fair market value of the underlying precious metals inventory and open sale and purchase commitments, which were also recorded in cost of sales in the condensed consolidated statements of operations. Summary of Hedging Positions In a hedging relationship, the change in the value of the derivative financial instrument is offset to a great extent by the change in the value of the underlying hedged item. The following table summarizes the results of our hedging activities, which shows the precious metal commodity inventory position, net of open sale and purchase commitments, that is subject to price risk as of December 31, 2018 and at June 30, 2018.
Notional Balances of Derivatives The notional balances of the Company's derivative instruments, consisting of contractual metal quantities, are expressed at current spot prices of the underlying precious metal commodity. As of December 31, 2018 and June 30, 2018, the Company had the following outstanding commitments and open forward and future contracts:
The contract amounts (i.e., notional balances) of the Company's forward and futures contracts and the open sales and purchase commitments are not reflected in the accompanying condensed consolidated balance sheet. The Company records the difference between the market price of the underlying metal or contract and the trade amount at fair value. The Company is exposed to the risk of failure of the counterparties to its derivative contracts. Significant judgment is applied by the Company when evaluating the fair value implications. The Company regularly reviews the creditworthiness of its major counterparties and monitors its exposure to concentrations. At December 31, 2018, the Company believes its risk of counterparty default is mitigated as a result of such evaluation and the short-term duration of these arrangements. Foreign Currency Exchange Rate Management The Company utilizes foreign currency forward contracts to manage the effect of foreign currency exchange fluctuations on its sale and purchase transactions. These contracts generally have maturities of less than one week. The accounting treatment of our foreign currency exchange derivative instruments is similar to the accounting treatment of our commodity derivative instruments, that is, the change in the value in the financial instrument is immediately recognized as a component of cost of sales. Unrealized gains on foreign exchange derivative instruments shown on the face of the condensed consolidated statements of operations totaled $52,000 and $139,000 for the three months ended December 31, 2018 and 2017, respectively. Unrealized gains (losses) on foreign exchange derivative instruments shown on the face of the condensed consolidated statements of operations totaled $(18,000) and $38,000 for the six months ended December 31, 2018 and 2017, respectively. The market values (fair values) of the Company’s foreign exchange forward contracts and the net open sale and purchase commitment transactions, denominated in foreign currencies, outstanding are as follows:
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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Income Taxes |
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| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Taxes | INCOME TAXES Income from operations before provision for income taxes is shown below:
The Company files a consolidated federal income tax return based on a June 30 tax year end. The expense from provision for income taxes for the three and six months ended December 31, 2018 and 2017 consists of the following:
The effective tax rate for the three and six months ended December 31, 2018 and 2017 are set forth below:
Tax Cuts and Jobs Act The comparability of our effective tax rate in the three and six months ended December 31, 2018 compared to the corresponding prior year period was impacted by the U.S. Tax Cuts and Jobs Act of 2017 (the "Tax Act"), which was effective for the Company starting in our second quarter of fiscal 2018. Information regarding our adoption and prospective impacts of the Tax Act on our tax is included in our Annual Report on Form 10-K for our fiscal year ended June 30, 2018. We completed our assessment of the income tax effects of the Tax Act within the measurement period as required in ASU 2018-05 ("SAB 118"). Tax Balances and Activity Income Taxes Receivable and Payable As of December 31, 2018 and June 30, 2018, income taxes receivable totaled $1.5 million and $1.6 million, respectively. Deferred Tax Assets and Liabilities In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will be realized by evaluating both positive and negative evidence. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. As of December 31, 2018 and June 30, 2018, management concluded that it was more likely than not that the Company would be able to realize the benefit of the U.S. federal and state deferred tax assets. We based this conclusion on historical and projected operating performance, as well as our expectation that our operations will generate sufficient taxable income in future periods to realize the tax benefits associated with the deferred tax assets. As of December 31, 2018, the consolidated balance sheet reflects the deferred tax items for each tax-paying component (i.e., federal and state), resulting in a state deferred tax asset of $1.6 million and a federal deferred tax asset of $1.6 million. As of June 30, 2018, the consolidated balance sheet reflects the deferred tax items for each tax-paying component (i.e., federal and state), resulting in a state deferred tax asset of $1.7 million and a federal deferred tax asset of $2.2 million. Net Operating Loss Carryforwards As of December 31, 2018 and June 30, 2018, the Company has approximately $3.3 million and $2.9 million of federal net operating loss carryforwards and approximately $15.6 million and $15.5 million, state and city net operating loss carryforwards, respectively. The Company's combined federal, state and city tax-effected net operating loss carryforwards totaled, as of December 31, 2018 and June 30, 2018, $1.8 million and $1.7 million, respectively. These net operating loss carryforwards start to expire in the year ending June 30, 2022. Unrecognized Tax Benefits The Company has taken or expects to take certain tax benefits on its income tax return filings that it has not recognized a tax benefit (i.e., an unrecognized tax benefit) on its consolidated statements of operations. The Company's measurement of its uncertain tax positions is based on management's assessment of all relevant information, including, but not limited to prior audit experience, audit settlement, or lapse of the applicable statute of limitations. For the three and six months ended December 31, 2018 there was no material movement in unrecognized tax benefits including interest and penalties. Tax Examinations Information related to open tax examinations is included in our 2018 Annual Report on Form 10-K for the fiscal year ended June 30, 2018. All open tax examinations remain open, except for the IRS examination of the Company's fiscal 2015 federal tax return. |
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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Related Party Transactions |
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| Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Related Party Transactions | RELATED PARTY TRANSACTIONS Former Parent and its Subsidiaries In addition to transactions with other affiliates as indicated below, the Company engages with Stack’s Bowers Numismatics LLC ("Stack's Bowers"), a wholly owned subsidiary of the Former Parent, in (i) sales and purchase transactions, and (ii) transactions in which the Company assists Stack’s Bowers in financing the purchase of rare coins and precious metals products, both through precious metal repurchase arrangements in which the Company receives a fee based upon the commodity value of the coins, and through loans to Stack’s Bowers from CFC secured by the coins or precious metal. The effect of these transactions is included in the following tables. Balances with Affiliated Companies or Persons As of December 31, 2018 and June 30, 2018, the Company had related party receivables and payables balances as set forth below:
Secured Lines of Credit with Stack's Bowers On September 19, 2017, CFC entered into a loan agreement with Stack's Bowers providing a secured line of credit, bearing interest at a competitive rate per annum, with a maximum borrowing line (subject to temporary increases) of $5.3 million. The loan is secured by precious metals and numismatic products. As of December 31, 2018 and June 30, 2018, the aggregate carrying value of this loan was $6.0 million and $3.0 million, respectively. On March 1, 2018, CFC entered into a loan agreement with Stack's-Bowers providing a secured line of credit on the wholesale value (i.e., the excess over the spot value of the metal), of numismatic products bearing interest at a competitive rate per annum, with a maximum borrowing line (subject to temporary increases) of $10.0 million. In addition to the annual rate of interest, the Company is entitled to receive a participation interest equal to 10% of the net profits realized by Stack's Bowers on the ultimate sale of the products. As of December 31, 2018 and June 30, 2018, the aggregate carrying value of this loan was $11.0 million and $9.5 million, respectively. Long Term Debt Obligation with Goldline Lenders On December 7, 2018, the Company repaid the $7.5 million principal amount outstanding under the Goldline Credit Facility to the Goldline Lenders. Under the terms of the principal repayment, the applicable credit and related agreements have been terminated and none of the parties thereto has any further rights or obligations thereunder (see Note 14). Activity with Affiliated Companies or Persons Sales and Purchases Made to Affiliated Companies During the three and six months ended December 31, 2018 and 2017, the Company made sales and purchases to various companies, which have been deemed to be related parties, as follows:
Interest Income Earned from Affiliated Companies During the three and six months ended December 31, 2018 and 2017, the Company earned interest income related to loans made to Stack's Bowers and related to financing arrangements (including repurchase agreements) with affiliated companies, as set forth below:
Interest Expense Incurred Related to Notes Payable and Long-Term Debt Obligation During the three and six months ended December 31, 2018 and 2017, the Company incurred interest expense (including debt amortization costs) related to the debt payable to SilverTowne and the Goldline Lenders, as set forth below:
Other Income Earned from Equity Method Investee During the three months ended December 31, 2018 and 2017, the Company recorded its proportional share of its equity method investee's net income as other income that total $311,000 and $122,000, respectively. During the six months ended December 31, 2018 and 2017, the Company recorded its proportional share of its equity method investee's net income as other income that totalled $559,000 and $179,000, respectively. As of December 31, 2018 and June 30, 2018, the carrying balance of the equity method investment was $8.4 million and $7.9 million, respectively. Other Expense Incurred with Goldline Lenders On December 7, 2018, in connection $7.5 million payment of principal under the Goldline Credit Facility, the Goldline Lenders received a 2% ($150,000) premium (see Note 14). |
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- Definition The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Financing Agreements |
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| Financing Agreements |
Lines of Credit The Company has an uncommitted demand revolving credit facility ("Trading Credit Facility”) provided to the Company by a syndicate of financial institutions, with Coöperatieve Rabobank U.A. ("Rabobank") acting as lead lender and administrative agent and Natixis, New York Branch acting as syndication agent. The Trading Credit Facility is secured by substantially all of the Company’s assets on a first priority basis. As of December 31, 2018, the Trading Credit Facility provided the Company with access up to $260.0 million, featuring a $210.0 million base, with a $50.0 million accordion option. The Trading Credit Facility is scheduled to mature on March 29, 2019. As of December 31, 2018, the Company incurred $2.6 million of loan costs in connection with the Trading Credit Facility, which was capitalized and is being amortized over the term of the Trading Credit Facility. As of December 31, 2018 and June 30, 2018, the remaining unamortized balance was approximately $0.2 million and $0.5 million, respectively. The Company is in the process of negotiating the renewal of the Trading Credit Facility. The Company routinely uses the Trading Credit Facility to purchase and finance precious metals and for operating cash flow purposes. Amounts under the Trading Credit Facility bear interest based on London Interbank Offered Rate (“LIBOR”) plus a 2.50% margin for revolving credit line loans and a 4.50% margin for bridge loans (that is, for loans that exceed the available revolving credit line). The one-month LIBOR rate was approximately 2.50% and 2.09% as of December 31, 2018 and June 30, 2018, respectively. Borrowings are due on demand and totaled $139.0 million and $200.0 million at December 31, 2018 and at June 30, 2018, respectively. The amounts available under the respective borrowing facilities are determined at the end of each week following a specified borrowing base formula. The Company is able to access additional credit as needed to finance operations, subject to the overall limits of the borrowing facilities and lender approval of the revised borrowing base calculation. Based on the latest approved borrowing bases in effect, the amounts available under the Trading Credit Facility after taking into account current borrowings, totaled $5.3 million and $22.1 million as determined on December 31, 2018 and on June 30, 2018, respectively. The Trading Credit Facility has certain restrictive financial covenants, including one requiring the Company to maintain a minimum tangible net worth. As of December 31, 2018 the minimum tangible net worth financial covenant under the Trading Credit Facility was $47.5 million. The Company is in compliance with all restrictive financial covenants as of December 31, 2018. Interest expense related to the Company’s lines of credit totaled $1.9 million and $2.0 million, which represents 39.9% and 59.2% of the total interest expense recognized, for the three months ended December 31, 2018 and 2017, respectively. Our lines of credit carried a daily weighted average effective interest rate of 4.80% and 3.81%, respectively, for the three months ended December 31, 2018 and 2017. Interest expense related to the Company’s lines of credit totaled $3.9 million and $3.7 million, which represents 47.4% and 61.1% of the total interest expense recognized, for the six months ended December 31, 2018 and 2017, respectively. Our lines of credit carried a daily weighted average effective interest rate of 4.66% and 3.78%, respectively, for the six months ended December 31, 2018 and 2017. Debt obligation with Goldline Lenders On August 28, 2017, in connection with the closing of the Goldline acquisition (see Note 1), Goldline, then known as Goldline Acquisition Corp., entered into a privately placed credit facility in the amount of $7.5 million (the “Goldline Credit Facility”) with various lenders (the "Goldline Lenders"). Borrowings under the Goldline Credit Facility were used to finance a portion of the consideration payable pursuant to the Goldline acquisition. The Goldline Credit Facility was secured by a first priority lien on substantially all of the assets of Goldline, and was guaranteed by the Company. Interest on the Goldline Credit Facility was payable quarterly in arrears at the rate of 8.5% per annum, and the Goldline Lenders under the Goldline Credit Facility were entitled to an additional funding fee payment at maturity equal to the greater of 3.0% of the principal amount of the Goldline Credit Facility and 10.0% of cumulative EBITDA (for the periods ending June 30, 2018, 2019 and 2020) of Goldline in excess of $10.0 million, on a pro rata basis. The Goldline Credit Facility had a three-year maturity, and all outstanding principal and unpaid interest was due upon maturity (August 28, 2020). On December 7, 2018, the Company repaid the $7.5 million principal amount outstanding under the Goldline Credit Facility to the Goldline Lenders, together with a 2% ($150,000) premium (shown as a component of other expense) and unpaid interest through the date of repayment (shown as a component of interest expense). Under the terms of the repayment, the applicable credit and related agreements have been terminated and none of the parties thereto has any further rights or obligations thereunder. As of December 31, 2018 and June 30, 2018, the carrying balance of the Goldline Credit facility was $0.0 million and $7.2 million, respectively, and the remaining unamortized loan cost balance was approximately $0.0 million and $0.3 million, respectively, which is amortized ratably through the maturity date. As of December 31, 2018, the balance of the loan fee payable was $0.0 million. Interest expense related to the Goldline Credit Facility (including debt loan amortization costs) totaled $147,000 which represents 3.2% of the total interest expense recognized, for the three months ended December 31, 2018. The Goldline Credit Facility's weighted average effective interest rate was 8.83% for the three months ended December 31, 2018. Interest expense related to the Goldline Credit Facility (including debt loan amortization costs) totaled $200,000 which represents 6.0% of the total interest expense recognized, for the three months ended December 31, 2017. The Goldline Credit Facility's weighted average effective interest rate was 9.29% for the three months ended December 31, 2017. Interest expense related to the Goldline Credit Facility (including debt loan amortization costs) totaled $342,000 which represents 4.2% of the total interest expense recognized, for the six months ended December 31, 2018. The Goldline Credit Facility's weighted average effective interest rate was 8.84% for the six months ended December 31, 2018. Interest expense related to the Goldline Credit Facility (including debt loan amortization costs) totaled $279,000 which represents 4.6% of the total interest expense recognized, for the six months ended December 31, 2017. The Goldline Credit Facility's weighted average effective interest rate was 9.33% for the six months ended December 31, 2017. The obligations of Goldline and the Company under the Goldline Credit Facility had been subordinated to the Company’s obligations under the Trading Credit Facility (see Lines of Credit, above in Note 14). Under the subordination agreements, the Goldline Lenders were permitted to collect quarterly interest-only payments and a balloon payment of principal and accrued interest at the end of the loan term, provided that no event of default is continuing under the Trading Credit Facility and the Company was in pro-forma compliance with the financial covenants under the Trading Credit Facility. Goldline Lenders The following table shows the directors, executive officer and principal stockholder that participated in the Goldline Credit Facility transaction, and provides related information:
Notes Payable Securitization/Variable Interest Entity On September 14, 2018, AM Capital Funding, LLC (“AMCF”), a wholly owned subsidiary of CFC, completed an issuance of Secured Senior Term Notes, Series 2018-1, Class A (the “Class A Notes”) in the aggregate principal amount of $72.0 million and Secured Subordinated Term Notes, Series 2018-1, Class B (the “Class B Notes” and together with the Class A Notes, the “Notes”) in the aggregate principal amount of $28 million. The Class A Notes bear interest at a rate of 4.98% and the Class B Notes bear interest at a rate of 5.98%. The Notes have a maturity date of December 15, 2023. The Notes were issued under a Master Indenture and the Series 2018-1 Supplement thereto, each dated as of the Closing Date, between AMCF and Citibank, N.A., as trustee. The Company holds $10.0 million of the Notes. The Notes are not insured or guaranteed by A-Mark or CFC. CFC acts as servicer with respect to the Notes. AMCF applied the net proceeds from the sale of the Notes to purchase loans and precious metals inventory, and to pay certain costs and expenses. AMCF is a special purpose entity whose sole activity consists of operating, owning, and financing indenture assets. The Notes are primarily payable from, and secured by, (i) precious metals obtained by AMCF from third parties, and (ii) a portfolio of loans collateralized by precious metals, which loans were originated by either CFC or acquired by CFC from third parties and conveyed by CFC to AMCF. The indenture requires AMCF to maintain a specified level of collateral. The indenture also provides that AMCF’s assets are not to be commingled with those of CFC or A-Mark (or any affiliate), and that AMCF is to maintain separate books and records. CFC and A-Mark may from time to time also contribute cash or sell precious metals to AMCF in exchange for cash or subordinated, deferred payment obligations from AMCF. In addition, AMCF may from time to time sell precious metals to A-Mark for cash. As of December 31, 2018, the consolidated carrying balance of the Note was $86.6 million (which excludes the $10.0 million note that the Company retained) , and the remaining unamortized loan cost balance was approximately $3.4 million, which is amortized using the effective interest method through the maturity date. As of December 31, 2018, the balance of the interest payable was $234,000. Interest on the Note is payable monthly in arrears at the aggregate rate of 5.26% per annum. For the three months ended December 31, 2018, the interest expense related to the Note (including loan amortization costs) totaled $1,445,000 which represents 31.0% of the total interest expense recognized by the Company. For the three months ended December 31, 2018, the Notes' weighted average effective interest rate was 5.88% . For the six months ended December 31, 2018, the interest expense related to the Note (including loan amortization costs) totaled $1,699,000 which represents 20.7% of the total interest expense recognized by the Company. For the six months ended December 31, 2018, the Notes' weighted average effective interest rate was 5.88%. The Company has both the power to direct the activities that most significantly impact AMCF’s economic performance, and the obligation to absorb losses or the right to receive benefits of AMCF that could potentially be significant to AMCF. Therefore, the Company has determined AMCF is a variable interest entity ("VIE") and that the Company is the primary beneficiary of the VIE. Therefore, the Company consolidates AMCF for accounting purposes. See Note 2 for additional information about our VIE policy. The assets and liabilities of the VIE are shown on the face of the condensed consolidated balance sheets of the Company at December 31, 2018 and June 30, 2018. Liability on Borrowed Metals The Company recorded liabilities on borrowed precious metals with market values totaling $227.3 million and $280.3 million as of December 31, 2018 and June 30, 2018, respectively, with the corresponding metals reflected on the condensed consolidated balance sheets. Advanced pool metals The Company borrows precious metals (usually in the form of pool metals) from its suppliers and customers under short-term agreements using other precious metals from its inventory as collateral. Amounts under these arrangements require repayment either in the same form of the metals borrowed or in cash. The Company has the ability to sell the metals and to repurchase similar metals as needed, under the terms of the arrangement, in order to repay the obligation. Once the obligation is repaid, the metals held as collateral are released back to the Company. Liability on borrowed metals — Other Liabilities may also arise from: (1) unallocated metal positions held by customers in the Company’s inventory, (2) amounts due to suppliers for the use of consigned inventory, and (3) shortages in unallocated metal positions held by the Company in the supplier’s inventory. Unallocated or pool metal represent an unsegregated inventory position that is due on demand, is a specified physical form, based on the total ounces of metal held in the position. Amounts due under these arrangements require delivery either in the form of precious metals, or in cash. Product Financing Arrangements The Company has agreements with financial institutions (third parties) that allows the Company to transfer its gold and silver inventory at an agreed-upon price based on the spot price with these third parties. Such agreements allow the Company to repurchase this inventory at an agreed-upon price based on the spot price on the repurchase date. The third party charges a monthly fee as a percentage of the market value of the outstanding obligation; such monthly charges are classified in interest expense. These transactions do not qualify as sales, and therefore have been accounted for as financing arrangements and are reflected in the condensed consolidated balance sheet as product financing arrangements. The obligation is stated at the amount required to repurchase the outstanding inventory. Both the product financing obligation and the underlying inventory (which is entirely restricted) are carried at fair value, with changes in fair value recorded as a component of cost of sales in the condensed consolidated statements of operations. Such obligation totaled $82.4 million and $113.9 million as of December 31, 2018 and June 30, 2018, respectively. |
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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Commitments and Contingencies |
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| Commitments and Contingencies Disclosure [Abstract] | |
| Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES Refer to Note 15 of the Notes to Consolidated Financial Statements in the 2018 Annual Report for information relating to minimum rental payments under operating and capital leases, consulting and employment contracts, and other commitments. The Company is not aware of any material changes to commitments as summarized the 2018 Annual Report. |
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- Definition The entire disclosure for commitments and contingencies. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Stockholders' Equity |
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| Stockholders' Equity | STOCKHOLDERS’ EQUITY 2014 Stock Award and Incentive Plan Prior to the Distribution, the Company’s Board of Directors ("Board") adopted and the Company's then sole stockholder approved the 2014 Stock Award and Incentive Plan, which was approved by the Company's stockholders in February 2015. On November 2, 2017, the Company's stockholders approved the amended and restated 2014 Stock Award and Incentive Plan (the "2014 Plan"), to (i) increase the available shares authorized for issuance under the plan by 525,000 shares, (ii) extend the term of the 2014 Plan until 2027, an additional five years, and (iii) eliminate provisions that add back to the share reserve shares surrendered or withheld to pay the exercise price of an option or withheld to cover tax withholding obligations for any type of award, and shares as to which a stock appreciation right is exercised that exceed the number of shares actually delivered. Under the 2014 Plan, the Company may grant options and other equity awards as a means of attracting and retaining officers, employees, non-employee directors and consultants, to provide incentives to such persons, and to align the interests of such persons with the interests of stockholders by providing compensation based on the value of the Company's stock. Awards under the 2014 Plan may be granted in the form of incentive or non-qualified stock options, stock appreciation rights ("SARs"), restricted stock, restricted stock units, dividend equivalent rights and other stock-based awards (which may include outright grants of shares). The 2014 Plan also authorizes grants of performance-based cash incentive awards. The 2014 Plan is administered by the Compensation Committee of the Board of Directors, which, in its discretion, may select officers and other employees, directors (including non-employee directors) and consultants to the Company and its subsidiaries to receive grants of awards. The Board of Directors itself may perform any of the functions of the Compensation Committee under the 2014 Plan. Under the 2014 Plan, the exercise price of options and base price of SARs, as set by the Compensation Committee, generally may not be less than the fair market value of the shares on the date of grant, and the maximum term of stock options and SARs is 10 years. The 2014 Plan limits the number of share-denominated awards that may be granted to any one eligible person to 250,000 shares in any fiscal year. Also, in the case of non-employee directors, the 2014 Plan limits the maximum grant-date fair value at $300,000 of stock-denominated awards granted to a director in a given fiscal year, except for a non-employee Chairman of the Board whose grant-date fair value maximum is $600,000 per fiscal year. The 2014 Plan will terminate when no shares remain available for issuance and no awards remain outstanding; however, the authority to grant new awards will terminate on December 13, 2022. As of December 31, 2018, 418,395 shares were available for grant under the 2014 Plan. Valuation and Significant Assumptions of Equity Awards Issued The Company uses the Black-Scholes option pricing model, which uses various inputs such as the estimated common share price, the risk-free interest rate, volatility, expected life and dividend yield, all of which are estimates. Stock Options During the three months ended December 31, 2018 and 2017, the Company incurred $284,144 and $302,073 of compensation expense related to stock options, respectively. During the six months ended December 31, 2018 and 2017, the Company incurred $553,176 and $738,480 of compensation expense related to stock options, respectively. As of December 31, 2018, there was total remaining compensation expense of $1.5 million related to employee stock options, which will be recorded over a weighted average period of approximately 2.0 years. The following table summarizes the stock option activity for the six months ended December 31, 2018.
Following is a summary of the status of stock options outstanding at December 31, 2018
Certain Anti-Takeover Provisions The Company’s certificate of incorporation and by-laws contain certain anti-takeover provisions that could have the effect of making it more difficult for a third party to acquire, or of discouraging a third party from attempting to acquire, control of the Company without negotiating with its Board. Such provisions could limit the price that certain investors might be willing to pay in the future for the Company’s securities. Certain of such provisions provide for a Board with staggered terms, allow the Company to issue preferred stock with rights senior to those of the common stock, or impose various procedural and other requirements which could make it more difficult for stockholders to effect certain corporate actions. |
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- References No definition available.
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- Definition The entire disclosure for accounts comprising shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income, and compensation-related costs for equity-based compensation. Includes, but is not limited to, disclosure of policies, compensation plan details, equity-based arrangements to obtain goods and services, deferred compensation arrangements, and employee stock purchase plan details. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Customer and Supplier Concentrations |
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| Risks and Uncertainties [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Customer and Supplier Concentrations | CUSTOMER AND SUPPLIER CONCENTRATIONS Customer Concentration Customers providing 10 percent or more of the Company's revenues for the three and six months ended December 31, 2018 and 2017 are presented on a comparative basis in the table below:
Customers providing 10 percent or more of the Company's accounts receivable as of December 31, 2018 and June 30, 2018 are presented on a comparative basis in the table below:
The loss of any of the above listed customers could have a material adverse effect on the operations of the Company. Supplier Concentration The Company buys precious metals from a variety of sources, including through brokers and dealers, from sovereign and private mints, from refiners and directly from customers. The Company believes that no one or small group of suppliers is critical to its business, since other sources of supply are available that provide similar products on comparable terms. |
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- Definition The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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Segment and Geographic Information |
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| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment and Geographic Information | SEGMENTS AND GEOGRAPHIC INFORMATION The Company evaluates segment reporting in accordance with FASB ASC 280, Segment Reporting, each reporting period, including evaluating the organizational structure and the reporting package that is reviewed by the Chief Operating Decision Makers (“CODM”). The Company's operations are organized under three business segments — Wholesale Trading & Ancillary Services, Secured Lending, and Direct Sales. Revenue
Operating income and (expenses)
Net (loss) income before provision for income taxes
Depreciation and Amortization
Advertising expense
Precious metals held under financing arrangements
Long-term Assets
Capital Expenditures for Property and Equipment
Goodwill and Intangible Assets
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- References No definition available.
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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Subsequent Events |
6 Months Ended | ||||
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Dec. 31, 2018 | |||||
| Subsequent Events [Abstract] | |||||
| Subsequent Events |
None. |
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- References No definition available.
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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Summary of Significant Accounting Policies (Policies) |
6 Months Ended | ||||||||||||||||||||
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| Accounting Policies [Abstract] | |||||||||||||||||||||
| Basis of Presentation and Principles of Consolidation | Principles of Consolidation The condensed consolidated financial statements reflect the financial condition, results of operations, statement of stockholder equity and cash flows of the Company, and were prepared using accounting principles generally accepted in the United States (“U.S. GAAP”). These condensed consolidated financial statements include the accounts of A-Mark, and its wholly owned subsidiaries, CFC, AMTAG, TDS, Logistics, Goldline, its majority owned affiliate AMST, and its variable interest entity ("VIE") AMCF (collectively the “Company”). |
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| Use of Estimates | Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenue and expenses during the reporting periods. These estimates include, among others, determination of fair value, allowances for doubtful accounts, impairment assessments of plant, property and equipment and intangible assets, valuation allowance determination on deferred tax assets, contingent earn-out liabilities, contingent interest liabilities, and revenue recognition judgments. Significant estimates also include the Company's fair value determination with respect to its financial instruments and precious metals inventory. Actual results could materially differ from these estimates. |
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| Concentration of Credit Risk | Concentration of Credit Risk Cash is maintained at financial institutions and, at times, balances may exceed federally insured limits. The Company has not experienced any losses related to these balances. Assets that potentially subject the Company to concentrations of credit risk consist principally of receivables, loans of inventory to customers, and inventory hedging transactions. Concentration of credit risk with respect to receivables is limited due to the large number of customers composing the Company's customer base, the geographic dispersion of the customers, and the collateralization of substantially all receivable balances. Based on an assessment of credit risk, the Company typically grants collateralized credit to its customers. The Company enters into inventory hedging transactions, principally utilizing metals commodity futures contracts traded on national futures exchanges or forward contracts with credit worthy financial institutions. Credit risk with respect to loans of inventory to customers is minimal. All of our commodity derivative contracts are under master netting arrangements and include both asset and liability positions. Substantially all of these transactions are secured by the underlying metals positions. |
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| Foreign Currency | Foreign Currency The functional currency of the Company is the United States dollar ("USD"). Also, the functional currency of the Company's wholly-owned foreign subsidiary, AMTAG, is USD, but it maintains its books of record in Euros. The Company remeasures the financial statements of AMTAG into USD. The remeasurement of local currency amounts into USD creates remeasurement gains and losses, which are included in the condensed consolidated statements of operations. To manage the effect of foreign currency exchange fluctuations, the Company utilizes foreign currency forward contracts. These derivatives generate gains and losses when they are settled and/or when they are marked to market. |
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| Business Combinations | Business Combinations The Company accounts for business combinations by applying the acquisition method in accordance with Accounting Standards Codification (“ASC”) 805, Business Combinations. The Company evaluates each purchase transaction to determine whether the acquired assets meet the definition of a business. Transaction costs related to the acquisition of a business are expensed as incurred and excluded from the fair value of consideration transferred. The identifiable assets acquired, liabilities assumed and non-controlling interests, if any, in an acquired entity are recognized and measured at their estimated fair values. The excess of the fair value of consideration transferred over the fair values of identifiable assets acquired, liabilities assumed and non-controlling interests, if any, in an acquired entity is recorded as goodwill. Such valuations require management to make significant estimates and assumptions, especially with respect to intangible assets and liabilities. Contingent consideration is classified as a liability or equity, as applicable. Contingent consideration in connection with the acquisition of a business is measured at fair value on the acquisition date, and unless classified as equity, is remeasured at fair value each reporting period thereafter until the consideration is settled, with changes in fair value included in net income. Net cash paid to acquire a business is classified as investing activities on the accompanying condensed consolidated statements of cash flow. |
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| Variable Interest Entities | Variable Interest Entities A variable interest entity ("VIE") is a legal entity that has either a total equity investment that is insufficient to finance its activities without additional subordinated financial support or whose equity investors lack the ability to control the entity’s activities or lack the ability to receive expected benefits or absorb obligations in a manner that is consistent with their investment in the entity. The most common type of VIE is a special purpose entity ("SPE"). SPEs are commonly used in securitization transactions in order to isolate certain assets and distribute the cash flows from those assets to investors. SPEs are generally structured to insulate investors from claims on the SPE’s assets by creditors of other entities, including the creditors of the seller of the assets. A VIE is consolidated for accounting purposes by its primary beneficiary, which is the party that has both the power to direct the activities that most significantly impact the VIE’s economic performance, and the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. The Company consolidates VIEs when it is deemed to be the primary beneficiary. Management regularly reviews and reconsiders its previous conclusions regarding whether it holds a variable interest in potential VIEs, the status of an entity as a VIE, and whether the Company is required to consolidate such VIEs in the consolidated financial statements. The Company has various forms of ongoing involvement with AMCF, which may include (i) holding senior or subordinated interests in AMCF; (ii) acting as loan servicer for a portfolio of loans held by AMCF; and (iii) providing administrative services to AMCF (see Note 14). |
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| Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less, when purchased, to be cash equivalents. |
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| Precious Metals held under Financing Arrangements | Precious Metals held under Financing Arrangements The Company enters into arrangements with certain customers under which A-Mark purchases precious metals from the customers which are subject to repurchase by the customer at the spot value of the product on the repurchase date. The substance of these transactions are precious metals owned by the Company that generate financing income from customers and are not metals held as inventory for sale. As such, the Company has classified this material as "precious metals held under financing arrangements", rather than as "inventory - repurchase arrangements with customers". In these repurchase arrangements, the Company holds legal title to the metals and earns financing income for the duration of the agreement. These arrangements are typically terminable by either party upon 14 days' notice. Upon termination, the customer’s right to repurchase any remaining precious metal is forfeited, and the related precious metals are reclassified as inventory held for sale. As of December 31, 2018 and June 30, 2018, precious metals held under financing arrangements totaled $226.9 million and $262.6 million respectively. The Company’s precious metals held under financing arrangements are "marked-to-market." |
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| Inventories | Inventories Inventories principally include bullion and bullion coins that are acquired and initially recorded at fair market value. The fair market value of the bullion and bullion coins is comprised of two components: (1) published market values attributable to the costs of the raw precious metal, and (2) a published premium paid at acquisition of the metal. The premium is attributable to the additional value of the product in its finished goods form and the market value attributable solely to the premium may be readily determined, as it is published by multiple reputable sources. The Company’s inventories, except for certain lower of cost or market basis products (as discussed below), are subsequently recorded at their fair market values, that is, "marked-to-market." The daily changes in the fair market value of our inventory are offset by daily changes in the fair market value of hedging derivatives that are taken with respect to our inventory positions; both the change in the fair market value of the inventory and the change in the fair market value of these derivative instruments are recorded in cost of sales in the condensed consolidated statements of operations. While the premium component included in inventories is marked-to-market, our commemorative coin inventory, including its premium component, is held at the lower of cost or market, because the value of commemorative coins is influenced more by supply and demand determinants than on the underlying spot price of the precious metal content of the commemorative coins. Unlike our bullion coins, the value of commemorative coins is not subject to the same level of volatility as bullion coins because our commemorative coins typically carry a substantially higher premium over the spot metal price than bullion coins. Neither the commemorative coin inventory nor the premium component of our inventory is hedged (see Note 6.) |
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| Plant, Property and Equipment | Plant, Property and Equipment Plant, property and equipment is stated at cost less accumulated depreciation. Depreciation is calculated using a straight line method based on the estimated useful lives of the related assets, ranging from three years to twenty-five years. Depreciation commences when the related assets are placed into service. Internal-use software development costs are capitalized during the application development stage. Internal-use software costs incurred during the preliminary project stage are expensed as incurred. Land is recorded at historical cost, and is not depreciated. Repair and maintenance costs are expensed as incurred. We have no major planned maintenance activities related to our plant assets associated with our minting operations. The Company reviews the carrying value of these assets for impairment whenever events and circumstances indicate that the carrying value of the asset may not be recoverable. In evaluating for impairment, the carrying value of each asset or group of assets is compared to the undiscounted estimated future cash flows expected to result from its use and eventual disposition. An impairment loss is recognized for the difference when the carrying value exceeds the discounted estimated future cash flows. The factors considered by the Company in performing this assessment include current and projected operating results, trends and prospects, the manner in which these assets are used, and the effects of obsolescence, demand and competition, as well as other economic factors. |
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| Finite-lived Intangible Assets | Finite-lived Intangible Assets Finite-lived intangible assets consist primarily of customer relationships, non-compete agreements and employment contracts which are amortized on a straight-line basis over their economic useful lives ranging from three years to fifteen years. We review our finite-lived intangible assets for impairment under the same policy described above for plant, property, and equipment; that is, whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. |
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| Goodwill and Indefinite-lived Intangible Assets | Goodwill and Indefinite-lived Intangible Assets Goodwill is recorded when the purchase price paid for an acquisition exceeds the estimated fair value of the net identified tangible and intangible assets acquired. Goodwill and other indefinite-lived intangibles (such as trade names) are not subject to amortization, but are evaluated for impairment at least annually. However, for tax purposes, goodwill acquired in connection with a taxable asset acquisition is generally deductible. The Company evaluates its goodwill and other indefinite-lived intangibles for impairment in the fourth quarter of the fiscal year (or more frequently if indicators of potential impairment exist) in accordance with the Intangibles - Goodwill and Other Topic 350 of the ASC. Goodwill is reviewed for impairment at a reporting unit level, which in our case, corresponds to the Company’s reportable operating segments. Evaluation of goodwill for impairment The Company has the option to first qualitatively assess whether relevant events and circumstances make it more likely than not that the fair value of the reporting unit's goodwill is less than its carrying value. A qualitative assessment includes analyzing current economic indicators associated with a particular reporting unit such as changes in economic, market and industry conditions, business strategy, cost factors, and financial performance, among others, to determine if there would be a significant decline to the fair value of a particular reporting unit. If the qualitative assessment indicates a stable or improved fair value, no further testing is required. If, based on this qualitative assessment, management concludes that goodwill is more likely than not to be impaired, or elects not to perform the qualitative assessment, then it is required to perform a quantitative analysis to determine the fair value of the business, and compare the calculated fair value of the reporting unit with its carrying amount, including goodwill. If through this quantitative analysis the Company determines the fair value of a reporting unit exceeds its carrying amount, the goodwill of the reporting unit is considered not to be impaired. If the Company concludes that the fair value of the reporting unit is less than its carrying value, a goodwill impairment loss will be recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value (see Note 8). Evaluation of indefinite-lived intangible assets for impairment The Company evaluates its indefinite-lived intangible assets (i.e., trademarks and trade-names) for impairment. In assessing its indefinite-lived intangible assets for impairment, the Company has the option to first perform a qualitative assessment to determine whether events or circumstances exist that lead to a determination that it is more likely than not that the fair value of the indefinite-lived intangible asset is less than its carrying amount. If the Company determines that it is not more likely than not that the fair value of an indefinite-lived intangible asset is less than its carrying amount, the Company is not required to perform any additional tests in assessing the asset for impairment. However, if the Company concludes otherwise or elects not to perform the qualitative assessment, then it is required to perform a quantitative analysis to determine if the fair value of an indefinite-lived intangible asset is less than its carrying value. If through this quantitative analysis the Company determines the fair value of an indefinite-lived intangible asset exceeds its carrying amount, the indefinite-lived intangible asset is considered not to be impaired. If the Company concludes that the fair value of an indefinite-lived intangible asset is less than its carrying value, an impairment loss will be recognized for the amount by which the carrying amount exceeds the indefinite-lived intangible asset’s fair value. The methods used to estimate the fair value measurements of the Company’s reporting units and indefinite-lived intangible assets include those based on the income approach (including the discounted cash flow, and relief-from-royalty methods) and those based on the market approach (primarily the guideline transaction and guideline public company methods) (see Note 8). |
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| Long-Term Investments | Long-Term Investments Investments in privately-held entities that are at least 20% but less than 50% owned by the Company are accounted for using the equity method. Under the equity method, the carrying value of the investment is adjusted for the Company’s proportionate share of the investee’s earnings or losses, with the corresponding share of earnings or losses reported in other income (expense). The carrying value of the investment is reduced by the amount of the dividends received from the equity-method investee, as they are considered a return of capital. Investments in privately-held entities that are less than 20% owned by the Company are accounted for using the cost method, unless the Company can exercise significant influence or the investee is economically dependent upon the Company, in which case the equity method is used. Under the cost method, investments are carried at cost and other income is recorded when dividends are received from the cost-method investee. We evaluate our long-term investments for impairment quarterly or whenever events or changes in circumstances indicate that the carrying value of these assets may not be recoverable. |
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| Fair Value Measurement and Contingent Earn-out Liability | Contingent Earn-out Liability We record an estimate of the fair value of contingent consideration related to the earn-out obligation to SilverTowne LP related to the SilverTowne Mint acquisition. On a quarterly basis, we revalue the liability and record increases or decreases in the fair value as an adjustment to earnings. Changes to the contingent consideration liability can result from adjustments to the discount rate, or from changes to the estimates of future throughput activity of AMST, which are considered Level 3 inputs (see Note 3). Consequentially, the assumptions used in estimating fair value require significant judgment. The use of different assumptions and judgments could result in a materially different estimate of fair value. Fair Value Measurement The Fair Value Measurements and Disclosures Topic 820 of the ASC ("ASC 820"), creates a single definition of fair value for financial reporting. The rules associated with ASC 820 state that valuation techniques consistent with the market approach, income approach and/or cost approach should be used to estimate fair value. Selection of a valuation technique, or multiple valuation techniques, depends on the nature of the asset or liability being valued, as well as the availability of data (see Note 3.) |
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| Revenue Recognition | Revenue Recognition Settlement Date Accounting Substantially all of the Company’s sales of precious metals are conducted using sales contracts that meet the definition of derivative instruments in accordance with the Derivatives and Hedging Topic 815 of the ASC ("ASC 815"). The contract underlying A-Mark’s commitment to deliver precious metals is referred to as a “fixed-price forward commodity contract” because the price of the commodity is fixed at the time the order is placed. Revenue is recognized on the settlement date, which is defined as the date on which: (1) the quantity, price and specific items being purchased have been established, (2) metals have been delivered to the customer, and (3) payment has been received or is covered by the customer’s established credit limit with the Company. All derivative instruments are marked to market during the interval between the trade date and the settlement date, with the changes in the fair value charged to cost of sales. The Company’s hedging strategy to mitigate the market risk associated with its sales commitments is described separately below under the caption “Hedging Activities.” Types of Trades Orders that are Physically Delivered The Company’s contracts to sell precious metals to customers are usually settled with the physical delivery of metals to the customer, although net settlement (i.e., settlement at an amount equal to the difference between the contract value and the market price of the metal on the settlement date) is permitted. Below is a summary of the Company’s major trade order types and the key factors that determine when settlement occurs and when revenue is recognized for each type:
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| Hedging Activities | Hedging Activities The value of our inventory and our purchase and sale commitments are linked to the prevailing price of the underlying precious metal commodity. The Company seeks to minimize the effect of price changes of the underlying commodity and enters into inventory hedging transactions, principally utilizing metals commodity futures contracts traded on national futures exchanges or forward contracts with credit worthy financial institutions. The Company hedges by each commodity type (gold, silver, platinum, and palladium). All of our commodity derivative contracts are under master netting arrangements and include both asset and liability positions. Commodity forward, futures and option contracts entered into for hedging purposes are recorded at fair value on the trade date and are marked to market each period. The difference between the original contract values and the market values of these contracts are reflected as derivative assets or derivative liabilities in the condensed consolidated balance sheets at fair value, with the corresponding unrealized gain or losses included as a component of cost of sales. When these contracts are net settled, the unrealized gains and losses are reversed and the realized gains and losses for forward contracts are recorded in revenue and cost of sales and the net realized gains and losses for futures and option contracts are recorded in cost of sales. The Company enters into futures, forward and option contracts solely for the purpose of hedging our inventory holding risk and our liability on price protection programs, and not for speculative market purposes. The Company’s gains (losses) on derivative instruments are substantially offset by the changes in the fair market value of the underlying precious metals inventory, which is also recorded in cost of sales in the condensed consolidated statements of operations (see Note 11.) |
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| Other Sources of Revenue | Other Sources of Revenue The Company recognizes its storage, logistics and other services revenues in accordance with the FASB's release ASU 2014-09 Revenue From Contracts With Customers Topic 606 ("ASC 606"), which follows five basic steps to determine whether revenue can be recognized: (1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue when (or as) the entity satisfies a performance obligation. The Company recognizes revenue when it satisfies its obligation by transferring control of the good or service to the customer. This is either satisfied over time or at a point in time. A performance obligation is satisfied over time if one of the following criteria are met: (1) the customer simultaneously receives and consumes the benefits as the Company performs, (2) the Company's performance creates or enhances an asset that the customer controls as the asset is created or enhanced, or (3) the Company's performance does not create an asset with an alternative use to the Company, and the Company has an enforceable right for payment of performance completed-to-date. When none of those are met, a performance obligation is satisfied at a point-in-time. The Company recognizes storage revenue over time, as the customer simultaneously receives and consumes the storage services (e.g., fixed storage fees based on the passage of time). The Company recognizes logistics (i.e., fulfillment) revenue at a point-in-time, when the customer receives the benefit of the services (e.g., stated number of packages are shipped on behalf of the customer during a month). In aggregate, these types of service revenues account for less than 1% of the Company's combined revenue from all revenue streams. |
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| Shipping and Handling, Costs | Shipping and Handling Costs Shipping and handling costs represent costs associated with shipping product to customers, and receiving product from vendors and are included in cost of sales in the condensed consolidated statements of operations. |
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| Interest Income | Interest Income In accordance with the Interest Topic 835 of the ASC ("ASC 835") following are interest income generating activities of the Company:
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| Interest Expense | Interest Expense The Company accounts for interest expense on the following arrangements in accordance with Interest Topic 835 of the ASC ("ASC 835"):
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| Other Income | Other Income The Company's other income is derived from the Company's proportional interest in the reported net income or net loss in an investee accounted for under the equity method of accounting (see Note 9) and the gains or losses associated with revaluation adjustments to the contingent earn-out liability associated with our joint venture (AMST). |
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| Share-Based Compensation | Share-Based Compensation The Company accounts for equity awards under the provisions of the Compensation - Stock Compensation Topic 718 of the ASC ("ASC 718"), which establishes fair value-based accounting requirements for share-based compensation to employees. ASC 718 requires the Company to recognize the grant-date fair value of stock options and other equity-based compensation issued to employees as expense over the service period in the Company's condensed consolidated financial statements. The expense is adjusted for actual forfeitures of unvested awards as they occur. |
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| Income Taxes | Income Taxes As part of the process of preparing its condensed consolidated financial statements, the Company is required to estimate its provision for income taxes in each of the tax jurisdictions in which it conducts business, in accordance with the Income Taxes Topic 740 of the ASC ("ASC 740"). The Company computes its annual tax rate based on the statutory tax rates and tax planning opportunities available to it in the various jurisdictions in which it earns income. Significant judgment is required in determining the Company's annual tax rate and in evaluating uncertainty in its tax positions. The Company recognizes a benefit for tax positions that it believes will more likely than not be sustained upon examination. The amount of benefit recognized is the largest amount of benefit that the Company believes has more than a 50% probability of being realized upon settlement. The Company regularly monitors its tax positions and adjusts the amount of recognized tax benefit based on its evaluation of information that has become available since the end of its last financial reporting period. The annual tax rate includes the impact of these changes in recognized tax benefits. When adjusting the amount of recognized tax benefits, the Company does not consider new information that has become available after the balance sheet date, but does disclose the effects of new information whenever those effects would be material to the Company's condensed consolidated financial statements. The difference between the amount of benefit taken or expected to be taken in a tax return and the amount of benefit recognized for financial reporting represents unrecognized tax benefits. These unrecognized tax benefits are presented in the condensed consolidated balance sheets principally within accrued liabilities. The Company accounts for uncertainty in income taxes under the provisions of ASC 740. These provisions clarify the accounting for uncertainty in income taxes recognized in an enterprise's financial statements, and prescribe a recognition threshold and measurement criteria for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The provisions also provide guidance on de-recognition, classification, interest, and penalties, accounting in interim periods, disclosure, and transition. The potential interest and/or penalties associated with an uncertain tax position are recorded in provision for income taxes on the condensed consolidated statements of operations. Please refer to Note 12 for further discussion regarding these provisions. Income taxes are accounted for using an asset and liability approach that requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. A valuation allowance is provided when it is more likely than not that some portion or all of the net deferred tax assets will not be realized. The factors used to assess the likelihood of realization include the Company's forecast of the reversal of temporary differences, future taxable income and available tax planning strategies that could be implemented to realize the net deferred tax assets. Failure to achieve forecasted taxable income in applicable tax jurisdictions could affect the ultimate realization of deferred tax assets and could result in an increase in the Company's effective tax rate on future earnings. Based on our assessment it appears more likely than not that all of the net deferred tax assets will be realized through future taxable income. The Company's condensed consolidated financial statements recognized the current and deferred income tax consequences that result from the Company's activities during the current and preceding periods, as if the Company were a separate taxpayer prior to the date of the Distribution of the company when it was a member of the consolidated income tax return group of its Former Parent (Spectrum Group International, Inc.). Following its spin-off, the Company files federal and state income tax filings that are separate from the Former Parent's tax filings. The Company recognizes current and deferred income taxes as a separate taxpayer for periods ending after the date of Distribution. |
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| Earnings per Share (EPS) | Earnings per Share ("EPS") The Company computes and reports both basic EPS and diluted EPS. Basic EPS is computed by dividing net earnings (losses) by the weighted average number of common shares outstanding for the period. Diluted EPS is computed by dividing net earnings (losses) by the sum of the weighted average number of common shares and dilutive common stock equivalents outstanding during the period. Diluted EPS reflects the total potential dilution that could occur from outstanding equity awards, including unexercised stock options, utilizing the treasury stock method. |
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| Recent Accounting Pronouncements Adopted and Not Yet Adopted | Recently Adopted Accounting Pronouncements From time to time, the Financial Accounting Standards Board ("FASB") or other standards setting bodies issue new accounting pronouncements. Updates to the FASB Accounting Standards Codification (“ASC”) are communicated through issuance of an Accounting Standards Update (“ASU”). In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) ("ASU 2014-09"), which supersedes nearly all existing revenue recognition guidance under U.S. GAAP. The core principle of ASU No. 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU No. 2014-09 defines a five step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing U.S. GAAP. In March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net) (“ASU 2016-08”). The amendments in ASU 2016-08 clarify the implementation guidance on principal versus agent considerations. In April 2016, the FASB issued ASU 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing (“ASU 2016-10”). The amendments in ASU 2016-10 clarify aspects relating to the identification of performance obligations and improve the operability and understandability of the licensing implementation guidance. In May 2016, the FASB issued ASU No. 2016-12("ASU 2016-12"), Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients. The amendments in ASU 2016-12 address certain issues identified on assessing collectability, presentation of sales taxes, non-cash consideration, and completed contracts and contract modifications at transition. The Company implemented these pronouncements in the first quarter of fiscal 2019, which did not have a significant effect on the financial results of the Company since a substantially all of the Company's revenue in fiscal years 2018 and 2017, fell under the authoritative guidance of ASC 815, which is outside the scope of ASC 606. Recent Accounting Pronouncements Not Yet Adopted In February 2016, FASB issued ASU No. 2016-02, (“ASU 2016-02”), Leases (Topic 842). The amendments in this update require lessees to recognize a lease liability measured on a discounted basis and a right-of-use asset for all leases at the commencement date. This update is effective for the Company, on July 1, 2019 (for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years), and is to be applied using a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. We are evaluating the new guidelines, but believe that adoption will not have a material impact on our consolidated financial position, results of operations or cash flows and related disclosures, as the Company has minimal lease commitments. In June 2016, the FASB issued ASU No. 2016-13, (“ASU 2016-13”), Financial Instruments - Credit Loss(Topic 326), which updates the guidance on recognition and measurement of credit losses for financial assets. The new requirements, known as the current expected credit loss model ("CECL") will require entities to adopt an impairment model based on expected losses rather than incurred losses. This update is effective for the Company, on July 1, 2020 (for fiscal years beginning after December 15, 2019 including interim periods within those fiscal years.) The Company is currently evaluating the potential impact of the adoption of the new standard on its consolidated statements of financial condition and results of operations. |
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- Definition Assets Held Under Financing Arrangement, With Repurchase Option, Policy [Policy Text Block] No definition available.
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- Definition Other Income, Policy [Policy Text Block] No definition available.
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- Definition Other Sources of Revenue [Policy Text Block] No definition available.
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- Definition Shipping and Handling [Policy Text Block] No definition available.
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- References No definition available.
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- Definition Disclosure of accounting policy for basis of accounting, or basis of presentation, used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS). No definition available.
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- Definition Disclosure of accounting policy for completed business combinations (purchase method, acquisition method or combination of entities under common control). This accounting policy may include a general discussion of the purchase method or acquisition method of accounting (including for example, the treatment accorded contingent consideration, the identification of assets and liabilities, the purchase price allocation process, how the fair values of acquired assets and liabilities are determined) and the entity's specific application thereof. An entity that acquires another entity in a leveraged buyout transaction generally discloses the accounting policy followed by the acquiring entity in determining the basis used to value its interest in the acquired entity, and the rationale for that accounting policy. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Disclosure of accounting policy for cash and cash equivalents, including the policy for determining which items are treated as cash equivalents. Other information that may be disclosed includes (1) the nature of any restrictions on the entity's use of its cash and cash equivalents, (2) whether the entity's cash and cash equivalents are insured or expose the entity to credit risk, (3) the classification of any negative balance accounts (overdrafts), and (4) the carrying basis of cash equivalents (for example, at cost) and whether the carrying amount of cash equivalents approximates fair value. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Disclosure of accounting policy for credit risk. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Disclosure of accounting policy for consolidation to describe the significant judgments and assumptions made in determining whether a variable interest held by the entity requires the variable interest entity to be consolidated and (or) disclose information about its involvement with the variable interest entity; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; and the significant factors considered and judgments made in determining that the power to direct the activities that significantly impact the economic performance of the variable interest entity are shared (as defined). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Disclosure of accounting policy for its derivative instruments and hedging activities. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Disclosure of accounting policy for computing basic and diluted earnings or loss per share for each class of common stock and participating security. Addresses all significant policy factors, including any antidilutive items that have been excluded from the computation and takes into account stock dividends, splits and reverse splits that occur after the balance sheet date of the latest reporting period but before the issuance of the financial statements. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Disclosure of accounting policy for fair value measurements of financial and non-financial assets, liabilities and instruments classified in shareholders' equity. Disclosures include, but are not limited to, how an entity that manages a group of financial assets and liabilities on the basis of its net exposure measures the fair value of those assets and liabilities. No definition available.
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- Definition Disclosure of accounting policy for (1) transactions denominated in a currency other than the reporting enterprise's functional currency, (2) translating foreign currency financial statements that are incorporated into the financial statements of the reporting enterprise by consolidation, combination, or the equity method of accounting, and (3) remeasurement of the financial statements of a foreign reporting enterprise in a hyperinflationary economy. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Disclosure of accounting policy for goodwill and intangible assets. This accounting policy also may address how an entity assesses and measures impairment of goodwill and intangible assets. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Disclosure of accounting policy for finite-lived intangible assets. This accounting policy also might address: (1) the amortization method used; (2) the useful lives of such assets; and (3) how the entity assesses and measures impairment of such assets. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Disclosure of accounting policy for recognizing interest expense, including the method of amortizing debt issuance costs. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Disclosure of inventory accounting policy for inventory classes, including, but not limited to, basis for determining inventory amounts, methods by which amounts are added and removed from inventory classes, loss recognition on impairment of inventories, and situations in which inventories are stated above cost. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Disclosure of accounting policy for investments in financial assets, including marketable securities (debt and equity securities with readily determinable fair values), investments accounted for under the equity method and cost method, securities borrowed and loaned, and repurchase and resale agreements. For marketable securities, the disclosure may include the entity's accounting treatment for transfers between investment categories and how the fair values for such securities are determined. Also, for all investments, an entity may describe its policy for assessing, recognizing and measuring impairment of the investment. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Disclosure of accounting policy pertaining to new accounting pronouncements that may impact the entity's financial reporting. Includes, but is not limited to, quantification of the expected or actual impact. No definition available.
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- Definition Disclosure of accounting policy for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, basis of assets, depreciation and depletion methods used, including composite deprecation, estimated useful lives, capitalization policy, accounting treatment for costs incurred for repairs and maintenance, capitalized interest and the method it is calculated, disposals and impairments. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Disclosure of accounting policy for recognition of interest revenue. Disclosure may include the method of recognizing interest income on loan and trade receivables, the method of amortizing premiums or accreting discounts, and a statement about the policy for the treatment of related fees and costs, including the method of amortizing net deferred fees and costs. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Disclosure of accounting policy for revenue recognition. If the entity has different policies for different types of revenue transactions, the policy for each material type of transaction is generally disclosed. If a sales transaction has multiple element arrangements (for example, delivery of multiple products, services or the rights to use assets) the disclosure may indicate the accounting policy for each unit of accounting as well as how units of accounting are determined and valued. The disclosure may encompass important judgment as to appropriateness of principles related to recognition of revenue. The disclosure also may indicate the entity's treatment of any unearned or deferred revenue that arises from the transaction. Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
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- Definition Disclosure of accounting policy for stock option and stock incentive plans. This disclosure may include (1) the types of stock option or incentive plans sponsored by the entity (2) the groups that participate in (or are covered by) each plan (3) significant plan provisions and (4) how stock compensation is measured, and the methodologies and significant assumptions used to determine that measurement. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Description of Business (Tables) |
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| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Unaudited pro-forma information | The following table compares the unaudited consolidated financial information for the three and six months ended December 31, 2018 to unaudited pro-forma consolidated financial information for the three and six months ended December 31, 2017 , whereby the Company assumed that the acquisition of the net assets of Goldline, LLC occurred on July 1, 2017, that is, on the first day of fiscal year 2018, rather than on the actual acquisition date of August 28, 2017.
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- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- References No definition available.
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Summary of Significant Accounting Policies (Tables) |
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| Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Reconciliation of contingent earn out liability | Below is a reconciliation of the contingent earn out liability for the six months ended December 31, 2018.
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| Schedule of earnings per share | A reconciliation of shares used in calculating basic and diluted earnings per common shares for the three and six months ended December 31, 2018 and 2017, is presented below.
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- Definition Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Assets and Liabilities, at Fair Value (Tables) |
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| Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of financial instruments not required to be carried at fair value | The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments as of December 31, 2018 and June 30, 2018.
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| Schedule of fair value, assets and liabilities measured on recurring basis | The following tables present information about the Company's assets and liabilities measured at fair value on a recurring basis as of December 31, 2018 and June 30, 2018, aggregated by the level in the fair value hierarchy within which the measurements fall:
____________________ (1) Commemorative coin inventory totaling $47,000 is held at lower of cost or market and is thus excluded from this table.
____________________ (1) Commemorative coin inventory totaling $99,000 is held at lower of cost or market and is thus excluded from this table. |
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- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Receivables (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of receivables and secured loans | Receivables consist of the following as of December 31, 2018 and June 30, 2018:
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| Schedule of allowance for doubtful accounts | An allowance for doubtful accounts is a reduction of the total amount of receivables appearing on the Company’s condensed consolidated balance sheets. The allowance for doubtful accounts represents our estimate of the amount of accounts receivable that may not be paid by customers. A summary of the activity in the allowance for doubtful accounts is as follows:
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- References No definition available.
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- Definition Tabular disclosure of the various types of trade accounts and notes receivable and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Tabular disclosure of credit losses for current financing receivables (such as trade and accounts receivable), including a rollforward of the balance. An alternative caption includes allowance for doubtful accounts. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Secured Loans Receivable (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of receivables and secured loans | Receivables consist of the following as of December 31, 2018 and June 30, 2018:
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| Schedule of classes for financing receivables | The Company's secured loans by portfolio class, which align with management reporting, are as follows:
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| Financing receivable credit quality indicators | The Company desegregates its secured loans that are collateralized by precious metal products, as follows:
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| Financing Receivable | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of receivables and secured loans | Below is a summary of the carrying value of our secured loans as of December 31, 2018 and June 30, 2018:
(1) Includes $29 thousand of loan premium as of December 31, 2018. (2) Includes $54 thousand of loan premium as of June 30, 2018. |
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- Definition Schedule Of Class Of Financing Receivable [Table Text Block] No definition available.
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- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
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- Definition Tabular disclosure of financing receivables by credit quality indicator. The credit quality indicator is a statistic about the credit quality of financing receivables. Examples include, but not limited to, consumer credit risk scores, credit-rating-agency ratings, an entity's internal credit risk grades, loan-to-value ratios, collateral, collection experience and other internal metrics. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Tabular disclosure of the various types of trade accounts and notes receivable and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Details
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Inventories (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inventory Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of inventory | Our inventory consists of the precious metals that the Company has physically received, and inventory held by third-parties, which, at the Company's option, it may or may not receive. Below, our inventory is summarized by classification at December 31, 2018 and June 30, 2018:
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- References No definition available.
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- Definition Tabular disclosure of the carrying amount as of the balance sheet date of merchandise, goods, commodities, or supplies held for future sale or to be used in manufacturing, servicing or production process. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Plant, Property and Equipment (Tables) |
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of plant, property and equipment | Plant, property and equipment consists of the following at December 31, 2018 and June 30, 2018:
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- References No definition available.
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- Definition Tabular disclosure of physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, balances by class of assets, depreciation and depletion expense and method used, including composite depreciation, and accumulated deprecation. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Goodwill and Intangible Assets (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of other purchased intangible assets | The carrying value of goodwill and other purchased intangibles as of December 31, 2018 and June 30, 2018 is as described below:
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| Schedule of future amortization expense | Estimated amortization expense on an annual basis for the succeeding five years is as follows (in thousands):
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| X | ||||||||||
- Definition Schedule of Finite And Indefinite Lived Intangible Assets [Table Text Block] No definition available.
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition Tabular disclosure of the amount of amortization expense expected to be recorded in succeeding fiscal years for finite-lived intangible assets. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Long-Term Investments (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity Method Investments and Cost Method Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule ofarrying value of the Company's investments in the privately held companies, categorized by type of investment | The following table shows the carrying value of the Company's investments in the privately held companies, categorized by type of investment:
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| X | ||||||||||
- Definition Equity Method Investments and Cost Method Investments [Abstract] No definition available.
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| X | ||||||||||
- Definition Schedule of Equity Method and Cost Method Investments [Table Text Block] No definition available.
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Accounts Payable (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accounts Payable, Current [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accounts payable | Accounts payable consists of the following:
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- References No definition available.
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| X | ||||||||||
- Definition Tabular disclosure of the (a) carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business (accounts payable); (b) other payables; and (c) accrued liabilities. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). An alternative caption includes accrued expenses. No definition available.
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Derivative Instruments and Hedging Transactions (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Offsetting assets | In the table below, the aggregate gross and net derivative receivables and payables balances are presented by contract type and type of hedge, as of December 31, 2018 and June 30, 2018.
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| Offsetting liabilities | In the table below, the aggregate gross and net derivative receivables and payables balances are presented by contract type and type of hedge, as of December 31, 2018 and June 30, 2018.
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| Summary of net gains (losses) on derivative instruments | . Below is a summary of the net gains (losses) on derivative instruments for the three and six months ended December 31, 2018 and 2017.
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| Schedule of market values of derivative instruments | The following table summarizes the results of our hedging activities, which shows the precious metal commodity inventory position, net of open sale and purchase commitments, that is subject to price risk as of December 31, 2018 and at June 30, 2018.
The market values (fair values) of the Company’s foreign exchange forward contracts and the net open sale and purchase commitment transactions, denominated in foreign currencies, outstanding are as follows:
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| Schedule of outstanding commitments | As of December 31, 2018 and June 30, 2018, the Company had the following outstanding commitments and open forward and future contracts:
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition Tabular disclosure of derivative and other financial assets that are subject to offsetting, including master netting arrangements. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Tabular disclosure of derivative and other financial liabilities that are subject to offsetting, including master netting arrangements. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Tabular disclosure of the notional amounts of outstanding derivative positions. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Income Taxes (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of components of income tax provision | The Company files a consolidated federal income tax return based on a June 30 tax year end. The expense from provision for income taxes for the three and six months ended December 31, 2018 and 2017 consists of the following:
Income from operations before provision for income taxes is shown below:
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| Schedule of effective income tax rate | The effective tax rate for the three and six months ended December 31, 2018 and 2017 are set forth below:
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Related Party Transactions (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of related party transactions | During the three and six months ended December 31, 2018 and 2017, the Company incurred interest expense (including debt amortization costs) related to the debt payable to SilverTowne and the Goldline Lenders, as set forth below:
During the three and six months ended December 31, 2018 and 2017, the Company made sales and purchases to various companies, which have been deemed to be related parties, as follows:
During the three and six months ended December 31, 2018 and 2017, the Company earned interest income related to loans made to Stack's Bowers and related to financing arrangements (including repurchase agreements) with affiliated companies, as set forth below:
As of December 31, 2018 and June 30, 2018, the Company had related party receivables and payables balances as set forth below:
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition Tabular disclosure of related party transactions. Examples of related party transactions include, but are not limited to, transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners and (d) affiliates. No definition available.
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Financing Arrangements (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of participants in credit facility | The following table shows the directors, executive officer and principal stockholder that participated in the Goldline Credit Facility transaction, and provides related information:
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| X | ||||||||||
- Definition Schedule of Participants In Credit Facility [Table Text Block] No definition available.
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| X | ||||||||||
- References No definition available.
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Stockholders' Equity (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of share-based compensation, stock option activity | The following table summarizes the stock option activity for the six months ended December 31, 2018.
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| Schedule of share-based compensation, status of stock option outstanding | Following is a summary of the status of stock options outstanding at December 31, 2018
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition Tabular disclosure of option exercise prices, by grouped ranges, including the upper and lower limits of the price range, the number of shares under option, weighted average exercise price and remaining contractual option terms. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Customer and Supplier Concentrations (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Risks and Uncertainties [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedules of concentration of risk, by risk factor | Customers providing 10 percent or more of the Company's revenues for the three and six months ended December 31, 2018 and 2017 are presented on a comparative basis in the table below:
Customers providing 10 percent or more of the Company's accounts receivable as of December 31, 2018 and June 30, 2018 are presented on a comparative basis in the table below:
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition Tabular disclosure of the nature of a concentration, a benchmark to which it is compared, and the percentage that the risk is to the benchmark. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Segment and Geographic Information (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of segment reporting information, by segment | Revenue
Operating income and (expenses)
Net (loss) income before provision for income taxes
Depreciation and Amortization
Advertising expense
Precious metals held under financing arrangements
Long-term Assets
Capital Expenditures for Property and Equipment
Goodwill and Intangible Assets
|
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| X | ||||||||||
- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- References No definition available.
|
Description of Business - Acquisitions (Details) |
3 Months Ended | 6 Months Ended | |||||
|---|---|---|---|---|---|---|---|
|
Aug. 28, 2017
USD ($)
|
Dec. 31, 2018
USD ($)
$ / shares
|
Dec. 31, 2017
USD ($)
$ / shares
|
Dec. 31, 2018
USD ($)
Segment
$ / shares
|
Dec. 31, 2017
USD ($)
$ / shares
|
Dec. 07, 2018
USD ($)
|
Aug. 31, 2016 |
|
| Business Acquisition [Line Items] | |||||||
| Number of reportable segments | Segment | 3 | ||||||
| Tax rate (in percentage) | 25.60% | 121.80% | 60.80% | ||||
| Goldline, LLC | |||||||
| Business Acquisition [Line Items] | |||||||
| Purchase price | $ 10,000,000 | ||||||
| Fair value of intangible assets acquired | 6,400,000 | ||||||
| Fair value of tangible asset acquired | 3,600,000 | ||||||
| Holdback amount | 1,500,000 | ||||||
| Pro-forma revenue | $ 1,100,912,000 | $ 1,680,738,000 | $ 2,666,002,000 | $ 3,845,686,000 | |||
| Pro-forma net income (loss) | $ 577,000 | $ (205,000) | $ 2,058,000 | $ 325,000 | |||
| Pro-forma basic earnings (loss) per share | $ / shares | $ 0.08 | $ (0.03) | $ 0.29 | $ 0.05 | |||
| Pro-forma dilutive earnings (loss) per share | $ / shares | $ 0.08 | $ (0.03) | $ 0.29 | $ 0.05 | |||
| Tax rate (in percentage) | 25.60% | 37.50% | 25.80% | 37.50% | |||
| Liabilities incurred for the acquisition | $ 7,500,000 | ||||||
| Debt instrument, fees (in percentage) | 2.00% | 2.00% | 2.00% | ||||
| Prepayment premium | $ 150,000 | ||||||
| Transition service agreement, term (in years) | 2 years | ||||||
| AM&ST Associates, LLC | AMST | |||||||
| Business Acquisition [Line Items] | |||||||
| Percentage of voting interests acquired (in percentage) | 69.00% | 69.00% | 55.00% | ||||
| AM&ST Associates, LLC | SilverTowne | |||||||
| Business Acquisition [Line Items] | |||||||
| Percentage of voting interests acquired (in percentage) | 31.00% | 31.00% | 45.00% | ||||
| X | ||||||||||
- Definition Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Tangible Assets No definition available.
|
| X | ||||||||||
- Definition Business Combination, Transition Service Agreement, Term No definition available.
|
| X | ||||||||||
- Definition Debt Instrument, Fees, Percentage No definition available.
|
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
| X | ||||||||||
- Definition Percentage of voting equity interests acquired at the acquisition date in the business combination. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The pro forma basic net income per share for a period as if the business combination or combinations had been completed at the beginning of a period. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
| X | ||||||||||
- Definition The pro forma diluted net income per share for a period as if the business combination or combinations had been completed at the beginning of a period. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
| X | ||||||||||
- Definition The pro forma net Income or Loss for the period as if the business combination or combinations had been completed at the beginning of a period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition The pro forma revenue for a period as if the business combination or combinations had been completed at the beginning of the period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Amount of consideration transferred, consisting of acquisition-date fair value of assets transferred by the acquirer, liabilities incurred by the acquirer, and equity interest issued by the acquirer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of liabilities incurred by the acquirer as part of consideration transferred in a business combination. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The amount of indemnification assets (amounts to be reimbursed if and when certain assumed liabilities are paid) recognized at the acquisition date of a business combination. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of assets acquired at the acquisition date. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of the fee that accompanies borrowing money under the debt instrument. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Percentage of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Number of segments reported by the entity. A reportable segment is a component of an entity for which there is an accounting requirement to report separate financial information on that component in the entity's financial statements. No definition available.
|
| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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| X | ||||||||||
- Details
|
Description of Business (Narrative) (Details) - USD ($) |
Dec. 31, 2018 |
Sep. 14, 2018 |
|---|---|---|
| Secured Senior Term Notes, Series 2018-1, Class A | Senior Subordinated Notes | ||
| Debt Instrument [Line Items] | ||
| Debt instrument, face amount | $ 72,000,000 | |
| Stated interest rate (in percentage) | 4.98% | |
| Secured Senior Term Notes, Series 2018-1, Class B | Senior Subordinated Notes | ||
| Debt Instrument [Line Items] | ||
| Debt instrument, face amount | $ 28,000,000 | |
| Stated interest rate (in percentage) | 5.98% | |
| Notes Receivable | ||
| Debt Instrument [Line Items] | ||
| Financing receivable | $ 10,000,000 | $ 10,000,000 |
| X | ||||||||||
- Definition Face (par) amount of debt instrument at time of issuance. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Contractual interest rate for funds borrowed, under the debt agreement. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
| X | ||||||||||
- Definition Amount representing an agreement for an unconditional promise by the maker to pay the entity (holder) a definite sum of money at a future date. Such amount may include accrued interest receivable in accordance with the terms of the note. The note also may contain provisions and related items including a discount or premium, payable on demand, secured, or unsecured, interest bearing or noninterest bearing, among a myriad of other features and characteristics. Excludes amounts related to receivables held-for-sale. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
|---|---|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Jun. 30, 2018 |
|
| Property, Plant and Equipment [Line Items] | |||||
| Restricted cash | $ 400 | $ 400 | $ 400 | ||
| Number of days notice to terminate contract | 14 days | ||||
| Precious metals held under financing arrangements | 226,905 | $ 226,905 | 262,566 | ||
| Revenue percentage from other sources (less than) | 1.00% | ||||
| Advertising expense | 648 | $ 1,059 | $ 1,238 | $ 1,576 | |
| Shipping, handling costs | 1,092,595 | 1,671,822 | $ 2,649,210 | 3,828,306 | |
| Minimum | |||||
| Property, Plant and Equipment [Line Items] | |||||
| Estimated useful lives of related assets | 3 years | ||||
| Estimated useful lives of intangibles | 3 years | ||||
| Maximum | |||||
| Property, Plant and Equipment [Line Items] | |||||
| Estimated useful lives of related assets | 25 years | ||||
| Estimated useful lives of intangibles | 15 years | ||||
| Shipping and Handling | |||||
| Property, Plant and Equipment [Line Items] | |||||
| Shipping, handling costs | 1,371 | 1,099 | $ 3,111 | 2,183 | |
| Wholesale Trading | |||||
| Property, Plant and Equipment [Line Items] | |||||
| Precious metals held under financing arrangements | 226,905 | 226,905 | $ 262,566 | ||
| Advertising expense | $ 161 | $ 183 | $ 268 | $ 284 | |
| X | ||||||||||
- Definition Asset Under Financing Agreement, With Repurchase Option No definition available.
|
| X | ||||||||||
- Definition Financing Arrangements, Number of Days Notice Needed to Terminate Contract No definition available.
|
| X | ||||||||||
- Definition Revenue Recognition, Percentage Of Revenue From Storage, Logistics And Other Services No definition available.
|
| X | ||||||||||
- Definition Amount charged to advertising expense for the period, which are expenses incurred with the objective of increasing revenue for a specified brand, product or product line. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition The aggregate costs related to goods produced and sold and services rendered by an entity during the reporting period. This excludes costs incurred during the reporting period related to financial services rendered and other revenue generating activities. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Useful life of finite-lived intangible assets, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. No definition available.
|
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
| X | ||||||||||
- Definition Useful life of long lived, physical assets used in the normal conduct of business and not intended for resale, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Examples include, but not limited to, land, buildings, machinery and equipment, office equipment, furniture and fixtures, and computer equipment. No definition available.
|
| X | ||||||||||
- Definition Amount of cash restricted as to withdrawal or usage. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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| X | ||||||||||
- Details
|
Summary of Significant Accounting Policies (Contingent Consideration) (Details) - USD ($) $ in Thousands |
6 Months Ended | |
|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
|
| Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
| Revaluation adjustment | $ 504 | $ 529 |
| Contingent Consideration Liability | ||
| Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
| Opening balance | 588 | |
| Revaluation adjustment | (504) | |
| Amount paid to SilverTowne, since the fiscal year end | 0 | |
| Closing balance | $ 84 | |
| X | ||||||||||
- Definition A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period. No definition available.
|
| X | ||||||||||
- Definition Amount of gain (loss) recognized on the income statement for financial instrument classified as a liability measured using unobservable inputs that reflect the entity's own assumption about the assumptions market participants would use in pricing. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of settlements of financial instrument classified as a liability measured using unobservable inputs that reflect the entity's own assumption about the assumptions market participants would use in pricing. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Fair value of financial instrument classified as a liability measured using unobservable inputs that reflect the entity's own assumption about the assumptions market participants would use in pricing. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Details
|
Summary of Significant Accounting Policies (Earnings per Share) (Details) - shares |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
| Accounting Policies [Abstract] | ||||
| Basic weighted average shares outstanding | 7,031,000 | 7,031,000 | 7,031,400 | 7,031,400 |
| Effect of common stock equivalents — stock issuable under outstanding equity awards | 55,000 | 0 | 58,000 | 82,000 |
| Diluted weighted average shares outstanding | 7,086,000 | 7,031,000 | 7,088,700 | 7,113,000 |
| Antidilutive securities (shares) | 865,582 | |||
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Additional shares included in the calculation of diluted EPS as a result of the potentially dilutive effect of share based payment arrangements using the treasury stock method. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
Assets and Liabilities, at Fair Value (Fair Value of Financial Instruments) (Details) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Jun. 30, 2018 |
||
|---|---|---|---|---|
| Financial assets: | ||||
| Derivative assets | $ 1,601 | $ 7,395 | ||
| Financial liabilities: | ||||
| Liability on borrowed metals | 227,317 | 280,346 | ||
| Product financing arrangements | 82,413 | 113,940 | ||
| Derivative liabilities | 25,304 | 20,457 | ||
| Accrued liabilities | [1] | 4,951 | 5,129 | |
| Carrying Amount | ||||
| Financial assets: | ||||
| Cash | 11,830 | 6,291 | ||
| Receivables, net | 23,275 | 35,856 | ||
| Secured loans receivable | 104,757 | 110,424 | ||
| Income tax receivables | 1,527 | 1,553 | ||
| Financial liabilities: | ||||
| Lines of credit | 139,000 | 200,000 | ||
| Debt obligation (related party) | 0 | 7,226 | ||
| Liability on borrowed metals | 227,317 | 280,346 | ||
| Product financing arrangements | 82,413 | 113,940 | ||
| Accounts payable | 46,740 | 45,997 | ||
| Accrued liabilities | 4,951 | 5,129 | ||
| Other long-term liabilities (related party) | 0 | 798 | ||
| Notes payable | 86,569 | 0 | ||
| Carrying Amount | Liability on margin accounts | ||||
| Financial liabilities: | ||||
| Derivative liabilities | 2,718 | 3,804 | ||
| Carrying Amount | Option contracts | ||||
| Financial liabilities: | ||||
| Derivative liabilities | 0 | 168 | ||
| Carrying Amount | Open sale and purchase commitments | ||||
| Financial liabilities: | ||||
| Derivative liabilities | 6,112 | 16,485 | ||
| Carrying Amount | Future contracts | ||||
| Financial liabilities: | ||||
| Derivative liabilities | 3,230 | 0 | ||
| Carrying Amount | Forward contracts | ||||
| Financial liabilities: | ||||
| Derivative liabilities | 13,244 | 0 | ||
| Carrying Amount | Open sale and purchase commitments | ||||
| Financial assets: | ||||
| Derivative assets | 1,401 | 2,274 | ||
| Carrying Amount | Option contracts | ||||
| Financial assets: | ||||
| Derivative assets | 174 | 390 | ||
| Carrying Amount | Future contracts | ||||
| Financial assets: | ||||
| Derivative assets | 0 | 238 | ||
| Carrying Amount | Forward contracts | ||||
| Financial assets: | ||||
| Derivative assets | 26 | 4,493 | ||
| Fair value | ||||
| Financial assets: | ||||
| Cash | 11,830 | 6,291 | ||
| Receivables, net | 23,275 | 35,856 | ||
| Secured loans receivable | 104,757 | 110,424 | ||
| Income tax receivables | 1,527 | 1,553 | ||
| Financial liabilities: | ||||
| Lines of credit | 139,000 | 200,000 | ||
| Debt obligation (related party) | 0 | 7,226 | ||
| Liability on borrowed metals | 227,317 | 280,346 | ||
| Product financing arrangements | 82,413 | 113,940 | ||
| Accounts payable | 46,740 | 45,997 | ||
| Accrued liabilities | 4,951 | 5,129 | ||
| Other long-term liabilities (related party) | 0 | 798 | ||
| Notes payable | 86,569 | 0 | ||
| Fair value | Liability on margin accounts | ||||
| Financial liabilities: | ||||
| Derivative liabilities | 2,718 | 3,804 | ||
| Fair value | Option contracts | ||||
| Financial liabilities: | ||||
| Derivative liabilities | 0 | 168 | ||
| Fair value | Open sale and purchase commitments | ||||
| Financial liabilities: | ||||
| Derivative liabilities | 6,112 | 16,485 | ||
| Fair value | Future contracts | ||||
| Financial liabilities: | ||||
| Derivative liabilities | 3,230 | 0 | ||
| Fair value | Forward contracts | ||||
| Financial liabilities: | ||||
| Derivative liabilities | 13,244 | 0 | ||
| Fair value | Open sale and purchase commitments | ||||
| Financial assets: | ||||
| Derivative assets | 1,401 | 2,274 | ||
| Fair value | Option contracts | ||||
| Financial assets: | ||||
| Derivative assets | 174 | 390 | ||
| Fair value | Future contracts | ||||
| Financial assets: | ||||
| Derivative assets | 0 | 238 | ||
| Fair value | Forward contracts | ||||
| Financial assets: | ||||
| Derivative assets | $ 26 | $ 4,493 | ||
| ||||
| X | ||||||||||
- Definition Income Tax Receivable, Fair Value Disclosure No definition available.
|
| X | ||||||||||
- Definition Libility on precious metals from third parties, as of the balance sheet date that must be repaid within one year (or the normal operating cycle, if longer). No definition available.
|
| X | ||||||||||
- Definition Obligation Under Product Financing Agreement - amount required to repurchase outstanding inventory under product financing agreement with a third party for the sale of gold and silver. Such agreement allows the Company to repurchase outstanding inventory at an agreed-upon price based on the spot price on the repurchase date. No definition available.
|
| X | ||||||||||
- Definition Fair value portion of liabilities incurred for goods and services received that are used in an entity's business and related party payables. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition Fair value portion of amount due from customers or clients for goods or services, including trade receivables, that have been delivered or sold in the normal course of business, and amounts due from others, including related parties. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Fair value portion of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. No definition available.
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| X | ||||||||||
- Definition Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Fair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes liabilities not subject to a master netting arrangement and not elected to be offset. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Fair value of subordinated debt obligations including, but not limited to, subordinated loan, subordinated bond, subordinated debenture or junior debt. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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- References No definition available.
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- Definition Fair value portion of contractual arrangement with a lender under which borrowings can be made up to a specific amount at any point in time. No definition available.
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| X | ||||||||||
- Definition Fair value portion of loan receivable, including, but not limited to, mortgage loans held for investment, finance receivables held for investment, policy loans on insurance contracts. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Fair value portion of notes payable. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Fair value portion of other liabilities. No definition available.
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Assets and Liabilities, at Fair Value (Assets and Liabilities Measured at Fair Value on Recurring Basis) (Details) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Jun. 30, 2018 |
|---|---|---|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Derivative assets | $ 1,601 | $ 7,395 |
| Derivative liabilities | 25,304 | 20,457 |
| Fair Value on a Recurring Basis | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Inventory | 276,238 | 280,017 |
| Precious metals held under financing arrangements | 226,905 | 262,566 |
| Total assets valued at fair value | 504,744 | 549,978 |
| Liability on borrowed metals | 227,317 | 280,346 |
| Product financing arrangements | 82,413 | 113,940 |
| Contingent earn-out liability | 84 | 588 |
| Total liabilities, valued at fair value | 335,118 | 415,331 |
| Fair Value on a Recurring Basis | Liability of price protection programs | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Derivative liabilities | 168 | |
| Fair Value on a Recurring Basis | Liability on margin accounts | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Derivative liabilities | 2,718 | 3,804 |
| Fair Value on a Recurring Basis | Open sale and purchase commitments | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Derivative liabilities | 6,112 | 16,485 |
| Fair Value on a Recurring Basis | Future contracts | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Derivative liabilities | 3,230 | |
| Fair Value on a Recurring Basis | Forward contracts | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Derivative liabilities | 13,244 | |
| Fair Value on a Recurring Basis | Derivative assets — open sale and purchase commitments, net | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Derivative assets | 1,401 | 2,274 |
| Fair Value on a Recurring Basis | Option contracts | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Derivative assets | 174 | 390 |
| Fair Value on a Recurring Basis | Future contracts | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Derivative assets | 238 | |
| Fair Value on a Recurring Basis | Forward contracts | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Derivative assets | 26 | 4,493 |
| Fair Value on a Recurring Basis | Level 1 | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Inventory | 276,238 | 280,017 |
| Precious metals held under financing arrangements | 226,905 | 262,566 |
| Total assets valued at fair value | 504,744 | 549,978 |
| Liability on borrowed metals | 227,317 | 280,346 |
| Product financing arrangements | 82,413 | 113,940 |
| Contingent earn-out liability | 0 | 0 |
| Total liabilities, valued at fair value | 335,034 | 414,575 |
| Fair Value on a Recurring Basis | Level 1 | Liability of price protection programs | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Derivative liabilities | 0 | |
| Fair Value on a Recurring Basis | Level 1 | Liability on margin accounts | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Derivative liabilities | 2,718 | 3,804 |
| Fair Value on a Recurring Basis | Level 1 | Open sale and purchase commitments | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Derivative liabilities | 6,112 | 16,485 |
| Fair Value on a Recurring Basis | Level 1 | Future contracts | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Derivative liabilities | 3,230 | |
| Fair Value on a Recurring Basis | Level 1 | Forward contracts | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Derivative liabilities | 13,244 | |
| Fair Value on a Recurring Basis | Level 1 | Derivative assets — open sale and purchase commitments, net | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Derivative assets | 1,401 | 2,274 |
| Fair Value on a Recurring Basis | Level 1 | Option contracts | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Derivative assets | 174 | 390 |
| Fair Value on a Recurring Basis | Level 1 | Future contracts | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Derivative assets | 238 | |
| Fair Value on a Recurring Basis | Level 1 | Forward contracts | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Derivative assets | 26 | 4,493 |
| Fair Value on a Recurring Basis | Level 2 | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Inventory | 0 | 0 |
| Precious metals held under financing arrangements | 0 | 0 |
| Total assets valued at fair value | 0 | 0 |
| Liability on borrowed metals | 0 | 0 |
| Product financing arrangements | 0 | 0 |
| Contingent earn-out liability | 0 | 0 |
| Total liabilities, valued at fair value | 0 | 0 |
| Fair Value on a Recurring Basis | Level 2 | Liability of price protection programs | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Derivative liabilities | 0 | |
| Fair Value on a Recurring Basis | Level 2 | Liability on margin accounts | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Derivative liabilities | 0 | 0 |
| Fair Value on a Recurring Basis | Level 2 | Open sale and purchase commitments | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Derivative liabilities | 0 | 0 |
| Fair Value on a Recurring Basis | Level 2 | Future contracts | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Derivative liabilities | 0 | |
| Fair Value on a Recurring Basis | Level 2 | Forward contracts | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Derivative liabilities | 0 | |
| Fair Value on a Recurring Basis | Level 2 | Derivative assets — open sale and purchase commitments, net | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Derivative assets | 0 | 0 |
| Fair Value on a Recurring Basis | Level 2 | Option contracts | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Derivative assets | 0 | 0 |
| Fair Value on a Recurring Basis | Level 2 | Future contracts | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Derivative assets | 0 | |
| Fair Value on a Recurring Basis | Level 2 | Forward contracts | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Derivative assets | 0 | 0 |
| Fair Value on a Recurring Basis | Level 3 | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Inventory | 0 | 0 |
| Precious metals held under financing arrangements | 0 | 0 |
| Total assets valued at fair value | 0 | 0 |
| Liability on borrowed metals | 0 | 0 |
| Product financing arrangements | 0 | 0 |
| Contingent earn-out liability | 84 | 588 |
| Total liabilities, valued at fair value | 84 | 756 |
| Fair Value on a Recurring Basis | Level 3 | Liability of price protection programs | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Derivative liabilities | 168 | |
| Fair Value on a Recurring Basis | Level 3 | Liability on margin accounts | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Derivative liabilities | 0 | 0 |
| Fair Value on a Recurring Basis | Level 3 | Open sale and purchase commitments | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Derivative liabilities | 0 | 0 |
| Fair Value on a Recurring Basis | Level 3 | Future contracts | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Derivative liabilities | 0 | |
| Fair Value on a Recurring Basis | Level 3 | Forward contracts | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Derivative liabilities | 0 | |
| Fair Value on a Recurring Basis | Level 3 | Derivative assets — open sale and purchase commitments, net | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Derivative assets | 0 | 0 |
| Fair Value on a Recurring Basis | Level 3 | Option contracts | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Derivative assets | 0 | 0 |
| Fair Value on a Recurring Basis | Level 3 | Future contracts | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Derivative assets | 0 | |
| Fair Value on a Recurring Basis | Level 3 | Forward contracts | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Derivative assets | $ 0 | $ 0 |
| X | ||||||||||
- Definition Asset Held Under Financing Arrangement, Subject to Repurchase Option, Fair Value Disclosure No definition available.
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| X | ||||||||||
- Definition Contingent Consideration Liability Fair Value Disclosure No definition available.
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| X | ||||||||||
- Definition inventory, marked-market, fair value disclosure No definition available.
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| X | ||||||||||
- Definition Fair value portion of probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Fair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes liabilities not subject to a master netting arrangement and not elected to be offset. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
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| X | ||||||||||
- Definition Fair value of obligations measured on a recurring basis. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Fair value of financial and nonfinancial obligations. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Fair value portion of other liabilities. No definition available.
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Assets and Liabilities, at Fair Value (Narrative) (Details) $ in Thousands |
Dec. 31, 2018
USD ($)
investment
|
Jun. 30, 2018
USD ($)
|
|---|---|---|
| Goodwill [Line Items] | ||
| Redemption rate, percentage | 100.00% | |
| Commemorative coins, held at lower of cost or market | $ 47 | $ 99 |
| Goodwill | $ 8,881 | 8,881 |
| Number of investments | investment | 2 | |
| Equity and cost method investment | $ 10,447 | 8,388 |
| Trade name | ||
| Goodwill [Line Items] | ||
| Indefinite-lived intangible assets, net of accumulated impairment | $ 3,163 | $ 3,163 |
| X | ||||||||||
- Definition Equity Method and Cost Method Investment, Total No definition available.
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- Definition Fair Value Disclosure, Redemption Rate No definition available.
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- Definition Indefinite-Lived Intangible Assets (Excluding Goodwill), Net of Accumulated Impairment No definition available.
|
| X | ||||||||||
- Definition Inventory, Commemorative Coin, Stated At Lower Cost Or Market No definition available.
|
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- Definition Number of Investments No definition available.
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- Definition Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
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Receivables (Details) - USD ($) $ in Thousands |
6 Months Ended | |||||
|---|---|---|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2018 |
Jun. 30, 2018 |
|||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
| Receivables, gross | $ 23,275 | $ 35,886 | ||||
| Less: allowance for doubtful accounts | $ (30) | $ (30) | 0 | (30) | ||
| Receivables, net | [1] | 23,275 | 35,856 | |||
| Allowance for Doubtful Accounts Receivable [Roll Forward] | ||||||
| Beginning Balance | 30 | 30 | ||||
| Provision | (30) | 0 | ||||
| Charge-off | 0 | $ 0 | ||||
| Ending Balance | $ 0 | |||||
| Customer trade receivables | ||||||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
| Receivables, gross | 7,131 | 22,813 | ||||
| Wholesale trade advances | ||||||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
| Receivables, gross | 13,101 | 10,722 | ||||
| Due from brokers | ||||||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
| Receivables, gross | $ 3,043 | $ 2,351 | ||||
| ||||||
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- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
| X | ||||||||||
- Definition For unclassified balance sheet, amounts due from customers or clients for goods or services that have been delivered or sold in the normal course of business. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
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- Definition For an unclassified balance sheet, the amount due from customers or clients for goods or services that have been delivered or sold in the normal course of business, reduced to their estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition For an unclassified balance sheet, a valuation allowance for receivables due a company that are expected to be uncollectible. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period. No definition available.
|
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- Definition Amount of direct write-downs of accounts receivable charged against the allowance. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
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- Definition Amount of expense related to write-down of receivables to the amount expected to be collected. Includes, but is not limited to, accounts receivable and notes receivable. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Secured Loans Receivable (Summary of Carrying-value of Secured Loans) (Details) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Jun. 30, 2018 |
|---|---|---|
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
| Secured loans | $ 104,757 | $ 110,424 |
| Secured loans originated by company and with related party | ||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
| Secured loans | 50,835 | 35,823 |
| Secured loans originated | ||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
| Secured loans | 33,854 | 23,300 |
| Secured loans originated - with a related party | ||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
| Secured loans | 16,981 | 12,523 |
| Secured loans acquired | ||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
| Secured loans | $ 53,922 | $ 74,601 |
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
| X | ||||||||||
- Definition Net amount of the investment in a contractual right to receive money on demand or on fixed or determinable dates that is recognized as an asset in the creditor's statement of financial position. Examples include, but are not limited to, credit card receivables, notes receivable and receivables relating to lessor's rights to payments from leases other than operating leases that have been recorded as assets. Excludes trade accounts receivable with contractual maturity of one year or less and arose from the sale of goods or services. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Secured Loans Receivable (Loans Receivable and Credit Quality Indicators) (Details) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Jun. 30, 2018 |
||
|---|---|---|---|---|
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
| Secured loan | $ 104,757 | $ 110,424 | ||
| Secured loan, percentage | 100.00% | 100.00% | ||
| Secured loans (current) | [1] | $ 104,757 | $ 110,424 | |
| Bullion and Numismatic | ||||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
| Secured loans (current) | $ 104,757 | $ 110,424 | ||
| Secured loans (current), percentage | 100.00% | 100.00% | ||
| Bullion and Numismatic | Loan-to-value of 75% or more | ||||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
| Secured loans (current) | $ 55,446 | $ 69,629 | ||
| Secured loans (current), percentage | 52.90% | 63.10% | ||
| Bullion and Numismatic | Loan-to-value of less than 75% | ||||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
| Secured loans (current) | $ 49,311 | $ 40,795 | ||
| Secured loans (current), percentage | 47.10% | 36.90% | ||
| Bullion | ||||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
| Secured loan | $ 69,313 | $ 72,128 | ||
| Secured loan, percentage | 66.20% | 65.30% | ||
| Numismatic and semi-numismatic | ||||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
| Secured loan | $ 35,444 | $ 38,296 | ||
| Secured loan, percentage | 33.80% | 34.70% | ||
| ||||
| X | ||||||||||
- Definition Notes, Loans and Financing Receivable, Percentage of Total No definition available.
|
| X | ||||||||||
- Definition The percentage that a balance of a given type of loan receivable is to the total balance outstanding. No definition available.
|
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
| X | ||||||||||
- Definition Amount after allowance and deduction of deferred interest and fees, unamortized costs and premiums and discounts from face amounts, of loans and leases held in portfolio, including but not limited to, commercial and consumer loans. Includes loans held for sale. Excludes loans and leases covered under loss sharing agreements. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition An amount representing an agreement for an unconditional promise by the maker to pay the Company (holder) a definite sum of money within one year from the balance sheet date (or the normal operating cycle, whichever is longer), net of any write-downs taken for collection uncertainty on the part of the holder. Such amount may include accrued interest receivable in accordance with the terms of the debt. The debt also may contain provisions and related items including a discount or premium, payable on demand, secured, or unsecured, interest bearing or noninterest bearing, among a myriad of other features and characteristics. This amount does not include amounts related to receivables held-for-sale. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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Secured Loans Receivable (Narrative) (Details) |
3 Months Ended | 6 Months Ended | 12 Months Ended | ||
|---|---|---|---|---|---|
|
Dec. 31, 2018
USD ($)
loan
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2018
USD ($)
class
loan
|
Dec. 31, 2017
USD ($)
|
Jun. 30, 2018
USD ($)
loan
|
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
| Unamortized loan commitment and origination fees and unamortized discounts or premiums | $ 29,000 | $ 29,000 | $ 54,000 | ||
| Loans receivable average effective rate of interest (percentage) | 9.60% | 9.60% | |||
| Number of classes of receivables | class | 2 | ||||
| Loans receivable payment terms for interest | 30 days | ||||
| Delinquent period | 30 days | ||||
| Loan receivable liquidation period post default | 90 days | ||||
| Number of loans | loan | 0 | 0 | 0 | ||
| Loan impairment costs | $ 0 | $ 0 | $ 0 | $ 0 | |
| Maximum | |||||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
| Secured loans-to-value percentage | 100.00% | 100.00% | 100.00% | ||
| X | ||||||||||
- Definition Class of Receivables No definition available.
|
| X | ||||||||||
- Definition Finance Receivable, Number of Loans No definition available.
|
| X | ||||||||||
- Definition Loan Receivable Liquidation Period Post Default No definition available.
|
| X | ||||||||||
- Definition Loans Receivable Average Effective Rate Of Interest No definition available.
|
| X | ||||||||||
- Definition Loans Receivable Delinquent Provision For Default No definition available.
|
| X | ||||||||||
- Definition Loans Receivable Payment Terms For Interest No definition available.
|
| X | ||||||||||
- Definition Secured Loans-to-Value Percentage No definition available.
|
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
| X | ||||||||||
- Definition Amount of expense related loan transactions, lease transactions, credit loss from transactions other than loan and lease transactions, and other loss based on assessment of uncollectability from the counterparty to reduce the account to their net realizable value. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of deferred fees paid by borrowers and unamortized costs incurred to originate loans and leases, unamortized loan commitments and loan syndication fees, and premiums over or discounts from face amounts of loans that are being amortized into income as an adjustment to yield. Excludes amounts for loans and leases covered under loss sharing agreements. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Details
|
Inventories (Summary of Inventories) (Details) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Jun. 30, 2018 |
||
|---|---|---|---|---|
| Inventory [Line Items] | ||||
| Inventories | [1] | $ 193,872 | $ 166,176 | |
| Restricted inventories | 82,413 | 113,940 | ||
| Restricted and nonrestricted inventory, net | 276,285 | 280,116 | ||
| Inventory held for sale | ||||
| Inventory [Line Items] | ||||
| Inventories | 65,844 | 32,605 | ||
| Repurchase arrangements with customers | ||||
| Inventory [Line Items] | ||||
| Inventories | 98,187 | 104,907 | ||
| Consignment arrangements with customers | ||||
| Inventory [Line Items] | ||||
| Inventories | 6,196 | 10,785 | ||
| Commemorative coins, held at lower of cost or market | ||||
| Inventory [Line Items] | ||||
| Inventories | 47 | 99 | ||
| Borrowed precious metals | ||||
| Inventory [Line Items] | ||||
| Inventories | 23,598 | 17,780 | ||
| Product financing arrangements, restricted | ||||
| Inventory [Line Items] | ||||
| Restricted inventories | $ 82,413 | $ 113,940 | ||
| ||||
| X | ||||||||||
- Definition Restricted Inventory No definition available.
|
| X | ||||||||||
- Definition Restricted and Nonrestricted Inventory, Net No definition available.
|
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
| X | ||||||||||
- Definition Amount after valuation and LIFO reserves of inventory expected to be sold, or consumed within one year or operating cycle, if longer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Details
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- Details
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| X | ||||||||||
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- Details
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| X | ||||||||||
- Details
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| X | ||||||||||
- Details
|
Inventories (Narrative) (Details) - USD ($) $ in Thousands |
6 Months Ended | 12 Months Ended | ||
|---|---|---|---|---|
Dec. 31, 2018 |
Jun. 30, 2018 |
|||
| Inventory [Line Items] | ||||
| Inventory held for sale | [1] | $ 193,872 | $ 166,176 | |
| Precious metals inventory subject to repurchase arrangements | 98,200 | 104,900 | ||
| Consignment arrangements with customers | 6,200 | 10,800 | ||
| Commemorative coins, held at lower of cost or market | 47 | 99 | ||
| Borrowed precious metals from suppliers | 23,600 | 17,800 | ||
| Product financing arrangement, restricted | 82,400 | 113,900 | ||
| Unrealized gains (losses) included in inventory balance | 5,500 | (5,400) | ||
| Premium on metals position | 4,026 | 3,530 | ||
| Inventory held for sale | ||||
| Inventory [Line Items] | ||||
| Inventory held for sale | $ 65,844 | $ 32,605 | ||
| ||||
| X | ||||||||||
- Definition Borrowed Metals No definition available.
|
| X | ||||||||||
- Definition Inventory, Commemorative Coin, Stated At Lower Cost Or Market No definition available.
|
| X | ||||||||||
- Definition Inventory Purchase Premium On Metals Position marked to market No definition available.
|
| X | ||||||||||
- Definition Inventory Subject to Repurchase Agreement No definition available.
|
| X | ||||||||||
- Definition Inventory, Unrealized Gains/(Losses) Resulting from Market Value and Cost of Physical Inventory No definition available.
|
| X | ||||||||||
- Definition Product under Financing Arrangement No definition available.
|
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
| X | ||||||||||
- Definition Amount after valuation and LIFO reserves of inventory expected to be sold, or consumed within one year or operating cycle, if longer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Gross amount of inventory owned by the entity but in the hands of a customer, typically a reseller. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Details
|
Plant, Property and Equipment (Summary of PPE) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
|---|---|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Jun. 30, 2018 |
|
| Property, Plant and Equipment [Line Items] | |||||
| Property and equipment, gross | $ 12,232 | $ 12,232 | $ 12,096 | ||
| Less: accumulated depreciation | (6,490) | (6,490) | (5,597) | ||
| Plant, property and equipment, net | 7,261 | 7,261 | 8,018 | ||
| Depreciation | 448 | $ 530 | 893 | $ 902 | |
| Office furniture, and fixtures | |||||
| Property, Plant and Equipment [Line Items] | |||||
| Property and equipment, gross | 2,056 | 2,056 | 2,056 | ||
| Computer equipment | |||||
| Property, Plant and Equipment [Line Items] | |||||
| Property and equipment, gross | 757 | 757 | 757 | ||
| Computer software | |||||
| Property, Plant and Equipment [Line Items] | |||||
| Property and equipment, gross | 3,475 | 3,475 | 3,471 | ||
| Plant equipment | |||||
| Property, Plant and Equipment [Line Items] | |||||
| Property and equipment, gross | 2,821 | 2,821 | 2,701 | ||
| Building | |||||
| Property, Plant and Equipment [Line Items] | |||||
| Property and equipment, gross | 319 | 319 | 315 | ||
| Leasehold improvements | |||||
| Property, Plant and Equipment [Line Items] | |||||
| Property and equipment, gross | 2,804 | 2,804 | 2,796 | ||
| Property and equipment not placed in service | |||||
| Property, Plant and Equipment [Line Items] | |||||
| Plant, property and equipment, net | 1,483 | 1,483 | 1,483 | ||
| Land | |||||
| Property, Plant and Equipment [Line Items] | |||||
| Plant, property and equipment, net | $ 36 | $ 36 | $ 36 | ||
| X | ||||||||||
- Definition Amount of accumulated depreciation, depletion and amortization for physical assets used in the normal conduct of business to produce goods and services. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The amount of expense recognized in the current period that reflects the allocation of the cost of tangible assets over the assets' useful lives. Includes production and non-production related depreciation. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount before accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
| X | ||||||||||
- Definition Amount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Details
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| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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| X | ||||||||||
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| X | ||||||||||
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| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
Goodwill and Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | 12 Months Ended | |||
|---|---|---|---|---|---|---|
Aug. 31, 2016 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Jun. 30, 2018 |
|
| Finite-Lived Intangible Assets [Line Items] | ||||||
| Goodwill | $ 8,881 | $ 8,881 | $ 8,881 | |||
| Amortization expense related to intangible assets | 252 | $ 253 | 504 | $ 410 | ||
| Goodwill and intangible asset impairment | $ 2,700 | |||||
| SilverTowne Mint | ||||||
| Finite-Lived Intangible Assets [Line Items] | ||||||
| Intangibles acquired | $ 2,500 | |||||
| Goodwill acquired | $ 4,300 | |||||
| Goldline, LLC | ||||||
| Finite-Lived Intangible Assets [Line Items] | ||||||
| Intangibles assets | 5,000 | 5,000 | ||||
| Goodwill | $ 1,400 | $ 1,400 | ||||
| Minimum | ||||||
| Finite-Lived Intangible Assets [Line Items] | ||||||
| Estimated useful lives of intangibles | 3 years | |||||
| Maximum | ||||||
| Finite-Lived Intangible Assets [Line Items] | ||||||
| Estimated useful lives of intangibles | 15 years | |||||
| X | ||||||||||
- Definition The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets. As a noncash expense, this element is added back to net income when calculating cash provided by or used in operations using the indirect method. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of intangible assets, excluding goodwill, acquired at the acquisition date. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The amount of identifiable intangible assets recognized as of the acquisition date. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Useful life of finite-lived intangible assets, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. No definition available.
|
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
| X | ||||||||||
- Definition Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of increase in asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized resulting from a business combination. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Total loss recognized during the period from the impairment of goodwill plus the loss recognized in the period resulting from the impairment of the carrying amount of intangible assets, other than goodwill. No definition available.
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
Goodwill and Intangible Assets (Intangible Assets) (Details) - USD ($) $ in Thousands |
6 Months Ended | |
|---|---|---|
Dec. 31, 2018 |
Jun. 30, 2018 |
|
| Indefinite-lived Intangible Assets [Line Items] | ||
| Gross Carrying Amount | $ 15,897 | $ 15,897 |
| Accumulated Amortization | (8,249) | (7,745) |
| Accumulated Impairment | (1,291) | (1,291) |
| Net Book Value | 6,357 | 6,861 |
| Goodwill, Gross | 10,245 | 10,245 |
| Accumulated Impairment | (1,364) | (1,364) |
| Goodwill | 8,881 | 8,881 |
| Existing customer relationships | ||
| Indefinite-lived Intangible Assets [Line Items] | ||
| Gross Carrying Amount | 8,848 | 8,848 |
| Accumulated Amortization | (5,921) | (5,467) |
| Net Book Value | 2,927 | 3,381 |
| Non-compete and other | ||
| Indefinite-lived Intangible Assets [Line Items] | ||
| Gross Carrying Amount | 2,300 | 2,300 |
| Accumulated Amortization | (2,089) | (2,056) |
| Net Book Value | 211 | 244 |
| Employment agreement | ||
| Indefinite-lived Intangible Assets [Line Items] | ||
| Gross Carrying Amount | 295 | 295 |
| Accumulated Amortization | (239) | (222) |
| Net Book Value | 56 | 73 |
| Intangibles subject to amortization | ||
| Indefinite-lived Intangible Assets [Line Items] | ||
| Gross Carrying Amount | 11,443 | 11,443 |
| Accumulated Amortization | (8,249) | (7,745) |
| Net Book Value | 3,194 | 3,698 |
| Trade name | ||
| Indefinite-lived Intangible Assets [Line Items] | ||
| Gross carrying amount - indefinite lived intangible | 4,454 | 4,454 |
| Accumulated Impairment | (1,291) | (1,291) |
| Indefinite-lived intangible assets, net of accumulated impairment | $ 3,163 | $ 3,163 |
| Minimum | ||
| Indefinite-lived Intangible Assets [Line Items] | ||
| Estimated useful lives of intangibles | 3 years | |
| Minimum | Existing customer relationships | ||
| Indefinite-lived Intangible Assets [Line Items] | ||
| Estimated useful lives of intangibles | 5 years | |
| Minimum | Non-compete and other | ||
| Indefinite-lived Intangible Assets [Line Items] | ||
| Estimated useful lives of intangibles | 3 years | |
| Minimum | Employment agreement | ||
| Indefinite-lived Intangible Assets [Line Items] | ||
| Estimated useful lives of intangibles | 1 year | |
| Maximum | ||
| Indefinite-lived Intangible Assets [Line Items] | ||
| Estimated useful lives of intangibles | 15 years | |
| Maximum | Existing customer relationships | ||
| Indefinite-lived Intangible Assets [Line Items] | ||
| Estimated useful lives of intangibles | 15 years | |
| Maximum | Non-compete and other | ||
| Indefinite-lived Intangible Assets [Line Items] | ||
| Estimated useful lives of intangibles | 5 years | |
| Maximum | Employment agreement | ||
| Indefinite-lived Intangible Assets [Line Items] | ||
| Estimated useful lives of intangibles | 3 years |
| X | ||||||||||
- Definition Finite And Indefinite-lived Intangible Assets [Line Items] No definition available.
|
| X | ||||||||||
- Definition Indefinite-Lived Intangible Assets (Excluding Goodwill), Net of Accumulated Impairment No definition available.
|
| X | ||||||||||
- Definition Intangible Assets Accumulated Impairment No definition available.
|
| X | ||||||||||
- Definition Intangible Assets Gross Carrying Amount No definition available.
|
| X | ||||||||||
- Definition Useful life of finite-lived intangible assets, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. No definition available.
|
| X | ||||||||||
- Definition Accumulated amount of amortization of assets, excluding financial assets and goodwill, lacking physical substance with a finite life. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount before accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Amount of accumulated impairment loss for an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Amount of assets, excluding financial assets and goodwill, lacking physical substance and having a projected indefinite period of benefit. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Sum of the carrying amounts of all intangible assets, excluding goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
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|
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| X | ||||||||||
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| X | ||||||||||
- Details
|
Goodwill and Intangible Assets (Future Amortization Expense) (Details) $ in Thousands |
Dec. 31, 2018
USD ($)
|
|---|---|
| Goodwill and Intangible Assets Disclosure [Abstract] | |
| 2019 (6 months remaining) | $ 507 |
| 2020 | 1,011 |
| 2021 | 599 |
| 2022 | 571 |
| 2023 | 128 |
| Thereafter | 378 |
| Total | $ 3,194 |
| X | ||||||||||
- Definition Amount of amortization expense for assets, excluding financial assets and goodwill, lacking physical substance with a finite life expected to be recognized after the fifth fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. No definition available.
|
| X | ||||||||||
- Definition Amount of amortization expense for assets, excluding financial assets and goodwill, lacking physical substance with a finite life expected to be recognized in the remainder of the fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. No definition available.
|
| X | ||||||||||
- Definition Amount of amortization expense for assets, excluding financial assets and goodwill, lacking physical substance with a finite life expected to be recognized during the fifth fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of amortization expense for assets, excluding financial assets and goodwill, lacking physical substance with a finite life expected to be recognized during the fourth fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of amortization expense for assets, excluding financial assets and goodwill, lacking physical substance with a finite life expected to be recognized during the third fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of amortization expense for assets, excluding financial assets and goodwill, lacking physical substance with a finite life expected to be recognized during the second fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount after amortization of assets, excluding financial assets and goodwill, lacking physical substance with a finite life. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- References No definition available.
|
Long-Term Investments (Details) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
|---|---|---|---|---|---|
|
Dec. 31, 2018
USD ($)
investment
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2018
USD ($)
investment
|
Dec. 31, 2017
USD ($)
|
Jun. 30, 2018
USD ($)
|
|
| Equity Method Investments and Cost Method Investments [Abstract] | |||||
| Number of investments | investment | 2 | 2 | |||
| Equity method investment | $ 8,447 | $ 8,447 | $ 7,888 | ||
| Cost method investment | 2,000 | 2,000 | 500 | ||
| Equity and cost method investment | $ 10,447 | $ 10,447 | $ 8,388 | ||
| Ownership percentage, equity method investment | 20.60% | 20.60% | |||
| Income (loss) from equity method investment | $ 311 | $ 122 | $ 559 | $ 179 | |
| Ownership percentage, cost method investment | 7.40% | 7.40% | 2.50% | ||
| X | ||||||||||
- Definition Equity Method Investments and Cost Method Investments [Abstract] No definition available.
|
| X | ||||||||||
- Definition Equity Method and Cost Method Investment, Total No definition available.
|
| X | ||||||||||
- Definition Non-controlling Ownership Percentage, Cost Method Investment, First investment No definition available.
|
| X | ||||||||||
- Definition Non-controlling Ownership Percentage, Cost Method Investment, Second investment No definition available.
|
| X | ||||||||||
- Definition Number of Investments No definition available.
|
| X | ||||||||||
- Definition This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of investment in equity security without readily determinable fair value. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition This item represents the entity's proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. This item includes income or expense related to stock-based compensation based on the investor's grant of stock to employees of an equity method investee. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
Accounts Payable (Details) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Jun. 30, 2018 |
|---|---|---|
| Accounts Payable, Current [Abstract] | ||
| Trade payables to customers | $ 498 | $ 175 |
| Advances from customers | 41,051 | 42,615 |
| Deferred revenue | 2,863 | 2,107 |
| Other accounts payable | 2,328 | 1,100 |
| Accounts payable | $ 46,740 | $ 45,997 |
| X | ||||||||||
- Definition Trade payable to customers and consignor payables, Current No definition available.
|
| X | ||||||||||
- Definition Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Amount of obligations incurred classified as other, payable within one year or the normal operating cycle, if longer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The current portion of prepayments received from customers for goods or services to be provided in the future. Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
|
| X | ||||||||||
- Definition The carrying amount of consideration received or receivable as of the balance sheet date on potential earnings that were not recognized as revenue in conformity with GAAP, and which are expected to be recognized as such within one year or the normal operating cycle, if longer, including sales, license fees, and royalties, but excluding interest income. Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
|
Derivative Instruments and Hedging Transactions (Offsetting Assets and Liabilities) (Details) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Jun. 30, 2018 |
|---|---|---|
| Nettable derivative assets: | ||
| Gross derivative receivable | $ 4,722 | $ 7,807 |
| Amounts Netted | (3,121) | (412) |
| Cash Collateral Pledge | 0 | 0 |
| Net derivative receivable | 1,601 | 7,395 |
| Nettable derivative liabilities: | ||
| Gross derivative payable | 33,721 | 23,288 |
| Amounts Netted | (4,203) | (647) |
| Cash Collateral Pledge | (4,214) | (2,184) |
| Net derivative payables | 25,304 | 20,457 |
| Open sale and purchase commitments | ||
| Nettable derivative assets: | ||
| Gross derivative receivable | 4,522 | 2,602 |
| Amounts Netted | (3,121) | (328) |
| Cash Collateral Pledge | 0 | 0 |
| Net derivative receivable | 1,401 | 2,274 |
| Nettable derivative liabilities: | ||
| Gross derivative payable | 10,261 | 17,132 |
| Amounts Netted | (4,149) | (647) |
| Cash Collateral Pledge | 0 | 0 |
| Net derivative payables | 6,112 | 16,485 |
| Option contracts | ||
| Nettable derivative assets: | ||
| Gross derivative receivable | 174 | 390 |
| Amounts Netted | 0 | 0 |
| Cash Collateral Pledge | 0 | 0 |
| Net derivative receivable | 174 | 390 |
| Future contracts | ||
| Nettable derivative assets: | ||
| Gross derivative receivable | 0 | 238 |
| Amounts Netted | 0 | 0 |
| Cash Collateral Pledge | 0 | 0 |
| Net derivative receivable | 0 | 238 |
| Nettable derivative liabilities: | ||
| Gross derivative payable | 3,230 | 0 |
| Amounts Netted | 0 | 0 |
| Cash Collateral Pledge | 0 | 0 |
| Net derivative payables | 3,230 | 0 |
| Forward contracts | ||
| Nettable derivative assets: | ||
| Gross derivative receivable | 26 | 4,577 |
| Amounts Netted | 0 | (84) |
| Cash Collateral Pledge | 0 | 0 |
| Net derivative receivable | 26 | 4,493 |
| Nettable derivative liabilities: | ||
| Gross derivative payable | 13,298 | 0 |
| Amounts Netted | (54) | 0 |
| Cash Collateral Pledge | 0 | 0 |
| Net derivative payables | 13,244 | 0 |
| Margin accounts | ||
| Nettable derivative liabilities: | ||
| Gross derivative payable | 6,932 | 5,988 |
| Amounts Netted | 0 | 0 |
| Cash Collateral Pledge | (4,214) | (2,184) |
| Net derivative payables | 2,718 | 3,804 |
| Liability of price protection programs | ||
| Nettable derivative liabilities: | ||
| Gross derivative payable | 0 | 168 |
| Amounts Netted | 0 | 0 |
| Cash Collateral Pledge | 0 | 0 |
| Net derivative payables | $ 0 | $ 168 |
| X | ||||||||||
- Definition Amount of obligation to return cash collateral under master netting arrangements offset against derivative assets. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Fair value of liability associated with financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Fair value, before effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets elected not to be offset. Excludes assets not subject to a master netting arrangement. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Fair value, before effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes liabilities elected not to be offset. Excludes liabilities not subject to a master netting arrangement. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Fair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes liabilities not subject to a master netting arrangement and not elected to be offset. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of right to receive cash collateral under master netting arrangements offset against derivative liabilities. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Fair value of asset associated with financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
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| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
Derivative Instruments and Hedging Transactions (Realized Gain (Loss)) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
| Derivative [Line Items] | ||||
| Gains (losses) on derivative instruments: | $ 7,169 | $ (12,625) | $ (7,964) | $ 2,019 |
| Futures Commodity And Forwards Contracts And Open Purchase And Sale Commitments | ||||
| Derivative [Line Items] | ||||
| Unrealized gains (losses) on open future commodity and forward contracts and open sale and purchase commitments, net | 8,408 | (22,260) | (11,490) | (10,003) |
| Commodity Contract | ||||
| Derivative [Line Items] | ||||
| Realized (losses) gains on future commodity contracts, net | $ (1,239) | $ 9,635 | $ 3,526 | $ 12,022 |
| X | ||||||||||
- Definition Amount of increase (decrease) in the fair value of derivatives recognized in the income statement. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
| X | ||||||||||
- Definition Aggregate net gain (loss) on all derivative instruments recognized in earnings during the period, before tax effects. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The net change in the difference between the fair value and the carrying value, or in the comparative fair values, of derivative instruments, including options, swaps, futures, and forward contracts, held at each balance sheet date, that was included in earnings for the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
Derivative Instruments and Hedging Transactions (Hedging of Precious Metals Inventory) (Details) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Jun. 30, 2018 |
|---|---|---|
| Derivatives, Fair Value [Line Items] | ||
| Inventory | $ 276,285 | $ 280,116 |
| Precious metals held under financing arrangements | 226,905 | 262,566 |
| Inventory and precious metals held under financing arrangements | 503,190 | 542,682 |
| Commemorative coin inventory, held at lower of cost or market | (47) | (99) |
| Premium on metals position | (4,026) | (3,530) |
| Precious metal value not hedged | (4,073) | (3,629) |
| Subtotal | 499,117 | 539,053 |
| Commitments at market: | ||
| Open inventory purchase commitments | 261,829 | 342,287 |
| Open inventory sales commitments | (180,204) | (138,022) |
| Margin sale commitments | (6,932) | (5,988) |
| In-transit inventory no longer subject to market risk | (1,340) | (1,060) |
| Unhedgeable premiums on open commitment positions | 3,442 | 541 |
| Borrowed precious metals | (227,317) | (280,346) |
| Product financing arrangements | (82,413) | (113,940) |
| Advances on industrial metals | 852 | 6,044 |
| Commitments at market | (232,083) | (190,484) |
| Precious metal subject to price risk | 267,034 | 348,569 |
| Precious metal subject to derivative financial instruments: | ||
| Market value of derivative financial instruments | 265,760 | 347,415 |
| Net precious metals subject to commodity price risk | 1,274 | 1,154 |
| Precious metals forward contracts at market values | ||
| Precious metal subject to derivative financial instruments: | ||
| Market value of derivative financial instruments | 201,252 | 274,994 |
| Precious metals futures contracts at market values | ||
| Precious metal subject to derivative financial instruments: | ||
| Market value of derivative financial instruments | $ 64,508 | $ 72,421 |
| X | ||||||||||
- Definition Advances (Payments) On Industrial Metals No definition available.
|
| X | ||||||||||
- Definition Asset Under Financing Agreement, With Repurchase Option No definition available.
|
| X | ||||||||||
- Definition Commitment, At Market No definition available.
|
| X | ||||||||||
- Definition Commitments at Market [Abstract] No definition available.
|
| X | ||||||||||
- Definition Deferred Liability Not Subject To Market Risk No definition available.
|
| X | ||||||||||
- Definition Inventory Borrowed From Suppliers No definition available.
|
| X | ||||||||||
- Definition Inventory, Commemorative Coin, Stated At Lower Cost Or Market No definition available.
|
| X | ||||||||||
- Definition Inventory Purchase Premium On Metals Position No definition available.
|
| X | ||||||||||
- Definition Inventory Purchase Premium On Metals Position marked to market No definition available.
|
| X | ||||||||||
- Definition Inventory Subject to Derivative Financial Instruments [Abstract] No definition available.
|
| X | ||||||||||
- Definition Inventory Subject To Price Risk No definition available.
|
| X | ||||||||||
- Definition Inventory and Precious Metal Held Under Financing Arrangements No definition available.
|
| X | ||||||||||
- Definition Margin Sale Commitments No definition available.
|
| X | ||||||||||
- Definition Net Inventory Subject To Price Risk No definition available.
|
| X | ||||||||||
- Definition Obligation Under Product Financing Agreement - amount required to repurchase outstanding inventory under product financing agreement with a third party for the sale of gold and silver. Such agreement allows the Company to repurchase outstanding inventory at an agreed-upon price based on the spot price on the repurchase date. No definition available.
|
| X | ||||||||||
- Definition Open Inventory Purchase Commitments No definition available.
|
| X | ||||||||||
- Definition Open Inventory Sale Commitments No definition available.
|
| X | ||||||||||
- Definition Physical Inventory Net Of Purchase Premiums No definition available.
|
| X | ||||||||||
- Definition Unhedgable Premiums On Open Commitment Positions No definition available.
|
| X | ||||||||||
- Definition Aggregate notional amount specified by the derivative(s). Expressed as an absolute value. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
| X | ||||||||||
- Definition Amount before valuation and LIFO reserves of completed merchandise or goods expected to be sold within one year or operating cycle, if longer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
Derivative Instruments and Hedging Transactions (Outstanding Commitments) (Details) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Jun. 30, 2018 |
|---|---|---|
| Derivative [Line Items] | ||
| Purchase commitments | $ 261,829 | $ 342,287 |
| Sales commitments | (180,204) | (138,022) |
| Margin sales commitments | (6,932) | (5,988) |
| Open derivative contracts | 265,760 | 347,415 |
| Forward contracts | ||
| Derivative [Line Items] | ||
| Open derivative contracts | 201,252 | 274,994 |
| Future contracts | ||
| Derivative [Line Items] | ||
| Open derivative contracts | $ 64,508 | $ 72,421 |
| X | ||||||||||
- Definition Margin Sale Commitments No definition available.
|
| X | ||||||||||
- Definition Open Inventory Purchase Commitments No definition available.
|
| X | ||||||||||
- Definition Open Inventory Sale Commitments No definition available.
|
| X | ||||||||||
- Definition Aggregate notional amount specified by the derivative(s). Expressed as an absolute value. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
Derivative Instruments and Hedging Transactions (Exchange Rate Management) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
|---|---|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Jun. 30, 2018 |
|
| Derivative [Line Items] | |||||
| Derivative open positions expected settlement period | 2 days | ||||
| Unrealized gain (loss) on foreign exchange | $ 52 | $ 139 | $ (18) | $ 38 | |
| Foreign Exchange | |||||
| Derivative [Line Items] | |||||
| Open inventory sale commitments | 3,128 | 3,128 | $ 4,130 | ||
| Forward contracts | |||||
| Derivative [Line Items] | |||||
| Open inventory sale commitments | $ 3,847 | $ 3,847 | $ 3,026 | ||
| Futures and Forward Contract | |||||
| Derivative [Line Items] | |||||
| Derivative open positions expected settlement period | 30 days | ||||
| X | ||||||||||
- Definition Derivative Open Position Expected Settlement Period No definition available.
|
| X | ||||||||||
- Definition Open Inventory Sale and Purchase Commitments, net No definition available.
|
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
| X | ||||||||||
- Definition Amount before tax of foreign currency transaction unrealized gain (loss) recognized in the income statement. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
Income Taxes (Income Before Income Tax Provision) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
| Operating Loss Carryforwards [Line Items] | ||||
| Net income before provision for income taxes | $ 944 | $ 266 | $ 2,877 | $ 984 |
| U.S. | ||||
| Operating Loss Carryforwards [Line Items] | ||||
| Net income before provision for income taxes | 934 | 266 | 2,859 | 950 |
| Foreign | ||||
| Operating Loss Carryforwards [Line Items] | ||||
| Net income before provision for income taxes | $ 10 | $ 0 | $ 18 | $ 34 |
| X | ||||||||||
- Definition Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
Income Taxes (Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
| Income Tax Disclosure [Abstract] | ||||
| Federal | $ 202 | $ 314 | $ 621 | $ 566 |
| State and local | 38 | 10 | 116 | 31 |
| Foreign | 2 | 0 | 4 | 1 |
| Provision for income taxes | $ 242 | $ 324 | $ 741 | $ 598 |
| X | ||||||||||
- Definition Amount of current federal tax expense (benefit) pertaining to income (loss) from continuing operations. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of current foreign income tax expense (benefit) pertaining to income (loss) from continuing operations. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of current state and local tax expense (benefit) pertaining to income (loss) from continuing operations. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
Income Taxes (Reconciliation) (Details) |
3 Months Ended | 6 Months Ended | |
|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2017 |
|
| Income Tax Disclosure [Abstract] | |||
| Effective tax rate (in percentage) | 25.60% | 121.80% | 60.80% |
| X | ||||||||||
- Definition Percentage of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- References No definition available.
|
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2017 |
Jun. 30, 2018 |
|
| Operating Loss Carryforwards [Line Items] | ||||
| Tax rate (in percentage) | 25.60% | 121.80% | 60.80% | |
| Income taxes receivable | $ 1,527 | $ 1,553 | ||
| Deferred tax assets - non-current | 3,211 | 3,870 | ||
| Tax effected | 1,800 | 1,700 | ||
| State and Local Jurisdiction | ||||
| Operating Loss Carryforwards [Line Items] | ||||
| Deferred tax assets - non-current | 1,600 | 1,700 | ||
| Operating loss carryforwards | 15,600 | 15,500 | ||
| U.S. | ||||
| Operating Loss Carryforwards [Line Items] | ||||
| Deferred tax assets - non-current | 1,600 | 2,200 | ||
| Operating loss carryforwards | $ 3,300 | $ 2,900 | ||
| X | ||||||||||
- Definition Operating Loss Carryforward, Tax Effected No definition available.
|
| X | ||||||||||
- Definition Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, with jurisdictional netting and classified as noncurrent. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Percentage of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Carrying amount as of the balance sheet date of income taxes previously overpaid to tax authorities (such as U.S. Federal, state and local tax authorities) representing refunds of overpayments or recoveries based on agreed-upon resolutions of disputes. Also called income tax refund receivable. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of operating loss carryforward, before tax effects, available to reduce future taxable income under enacted tax laws. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
Related Party Transactions (Details) |
3 Months Ended | 6 Months Ended | |||||||
|---|---|---|---|---|---|---|---|---|---|
|
Aug. 28, 2017
USD ($)
|
Dec. 31, 2018
USD ($)
loan
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2018
USD ($)
loan
|
Dec. 31, 2017
USD ($)
|
Dec. 07, 2018
USD ($)
|
Jun. 30, 2018
USD ($)
|
Mar. 01, 2018
USD ($)
|
Sep. 19, 2017
USD ($)
|
|
| Related Party Transaction [Line Items] | |||||||||
| Receivable | $ 17,530,000 | $ 17,530,000 | $ 13,240,000 | ||||||
| Payables | 693,000 | 693,000 | 8,872,000 | ||||||
| Sales | 103,687,000 | $ 124,514,000 | 225,864,000 | $ 214,067,000 | |||||
| Purchases | 3,850,000 | 8,102,000 | 23,445,000 | 10,948,000 | |||||
| Income (loss) from equity method investment | 311,000 | 122,000 | 559,000 | 179,000 | |||||
| Equity method investment | 8,447,000 | 8,447,000 | 7,888,000 | ||||||
| March 1, 2018 Loan Agreement | |||||||||
| Related Party Transaction [Line Items] | |||||||||
| Maximum borrowing capacity available | $ 10,000,000 | ||||||||
| Participation interest, percentage of net profits realized on sale | 10.00% | ||||||||
| Goldline, LLC | |||||||||
| Related Party Transaction [Line Items] | |||||||||
| Other long-term liabilities (related party) | $ 150,000 | ||||||||
| Borrowings due on demand | 0 | 0 | 7,200,000 | ||||||
| Liabilities incurred for the acquisition | $ 7,500,000 | ||||||||
| Unamortized debt issuance expense | 0 | 0 | 300,000 | ||||||
| Debt issuance costs, net | $ 0 | $ 0 | |||||||
| Debt instrument, fees (in percentage) | 2.00% | 2.00% | 2.00% | ||||||
| Former Parent | |||||||||
| Related Party Transaction [Line Items] | |||||||||
| Receivable | $ 17,264,000 | $ 17,264,000 | 13,240,000 | ||||||
| Payables | 0 | 0 | 0 | ||||||
| Sales | 1,613,000 | 8,065,000 | 19,088,000 | 12,497,000 | |||||
| Purchases | 1,187,000 | 1,152,000 | 17,959,000 | 3,541,000 | |||||
| Former Parent | September 19, 2017 Loan Agreement | |||||||||
| Related Party Transaction [Line Items] | |||||||||
| Short term loan receivable | 6,000,000 | 6,000,000 | 3,000,000 | ||||||
| Maximum borrowing capacity available | $ 5,300,000 | ||||||||
| Former Parent | March 1, 2018 Loan Agreement | |||||||||
| Related Party Transaction [Line Items] | |||||||||
| Short term loan receivable | 11,000,000 | 11,000,000 | 9,500,000 | ||||||
| Equity method investee | |||||||||
| Related Party Transaction [Line Items] | |||||||||
| Receivable | 0 | 0 | 0 | ||||||
| Payables | 693,000 | 693,000 | 920,000 | ||||||
| Sales | 97,531,000 | 112,316,000 | 198,095,000 | 194,287,000 | |||||
| Purchases | $ 1,787,000 | 670,000 | $ 4,149,000 | 1,028,000 | |||||
| SilverTowne | |||||||||
| Related Party Transaction [Line Items] | |||||||||
| Number of credit lines | loan | 2 | 2 | |||||||
| Receivable | $ 266,000 | $ 266,000 | 0 | ||||||
| Payables | 0 | 0 | 242,000 | ||||||
| Sales | 4,543,000 | 4,133,000 | 8,681,000 | 7,283,000 | |||||
| Purchases | 876,000 | 6,280,000 | 1,337,000 | 6,379,000 | |||||
| Goldline Lenders | |||||||||
| Related Party Transaction [Line Items] | |||||||||
| Receivable | 0 | 0 | 0 | ||||||
| Payables | 0 | 0 | $ 7,710,000 | ||||||
| Debt instrument, face amount | $ 7,500,000.0 | ||||||||
| Other long-term liabilities (related party) | $ 150,000 | ||||||||
| Debt instrument, fees (in percentage) | 2.00% | ||||||||
| Affiliated entities | |||||||||
| Related Party Transaction [Line Items] | |||||||||
| Interest income | 1,814,000 | 627,000 | 3,751,000 | 1,173,000 | |||||
| Interest expense | 147,000 | 202,000 | 342,000 | 280,000 | |||||
| Affiliated entities | Interest income from secured loans receivables | |||||||||
| Related Party Transaction [Line Items] | |||||||||
| Interest income | 275,000 | 51,000 | 489,000 | 53,000 | |||||
| Affiliated entities | Interest income from finance products and repurchase arrangements | |||||||||
| Related Party Transaction [Line Items] | |||||||||
| Interest income | 1,539,000 | 576,000 | 3,262,000 | 1,120,000 | |||||
| Affiliated entities | Interest expense incurred related to notes payable | |||||||||
| Related Party Transaction [Line Items] | |||||||||
| Interest expense | 0 | 1,000 | 0 | 1,000 | |||||
| Affiliated entities | Interest expense incurred related to long-term debt obligation | |||||||||
| Related Party Transaction [Line Items] | |||||||||
| Interest expense | $ 147,000 | $ 201,000 | $ 342,000 | $ 279,000 | |||||
| X | ||||||||||
- Definition Debt Instrument, Fees, Percentage No definition available.
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- Definition Debt Instruments, Number of Credit Lines No definition available.
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- Definition Lease and Finance Receivable, Line of Credit, Maximum Available No definition available.
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- Definition Debt Instrument, Participation Interest, Percentage of Net Profits Realized on Sale No definition available.
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- Definition Purchases Of Inventory Related Party No definition available.
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- Definition Sale of Inventory of Related Party No definition available.
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- Definition Amount of liabilities incurred by the acquirer as part of consideration transferred in a business combination. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Face (par) amount of debt instrument at time of issuance. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of the fee that accompanies borrowing money under the debt instrument. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount, after accumulated amortization, of debt issuance costs. Includes, but is not limited to, legal, accounting, underwriting, printing, and registration costs. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition For an unclassified balance sheet, amounts due from related parties including affiliates, employees, joint ventures, officers and stockholders, immediate families thereof, and pension funds. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Carrying amount as of the balance sheet date of obligations due all related parties. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition This item represents the entity's proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. This item includes income or expense related to stock-based compensation based on the investor's grant of stock to employees of an equity method investee. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of interest expense incurred on a debt or other obligation to related party. No definition available.
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- Definition Amount of interest income earned from interest-bearing assets owed to the entity by related party. No definition available.
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| X | ||||||||||
- Definition The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount before allowance of loans and leases held in portfolio, including but not limited to, commercial and consumer loans. Includes deferred interest and fees, undisbursed portion of loan balance, unamortized costs and premiums and discounts from face amounts. Excludes loans and leases covered under loss sharing agreements. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
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| X | ||||||||||
- Definition The remaining balance of debt issuance expenses that were capitalized and are being amortized against income over the lives of the respective bond issues. This does not include the amounts capitalized as part of the cost of the utility plant or asset. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Financing Agreements (Details) - USD ($) |
3 Months Ended | 6 Months Ended | ||||
|---|---|---|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Jun. 30, 2018 |
Mar. 31, 2016 |
|
| Schedule Of Financing Arrangements [Line Items] | ||||||
| Percentage of total expense recognized | 31.00% | 20.70% | ||||
| Liability on borrowed metals | $ 227,317,000 | $ 227,317,000 | $ 280,346,000 | |||
| Product financing obligation | 82,413,000 | 82,413,000 | 113,940,000 | |||
| Line of Credit | Trading credit facility | ||||||
| Schedule Of Financing Arrangements [Line Items] | ||||||
| Interest expense, notes payable | $ 1,900,000 | $ 2,000,000 | $ 3,900,000 | $ 3,700,000 | ||
| Percentage of total expense recognized | 39.90% | 59.20% | 47.40% | 61.10% | ||
| Effective rate of interest | 4.80% | 3.81% | 4.66% | 3.78% | ||
| Line of Credit | Trading credit facility | A-Mark | Trading credit facility | ||||||
| Schedule Of Financing Arrangements [Line Items] | ||||||
| Line of credit, current borrowing capacity | $ 260,000,000 | $ 260,000,000 | $ 210,000,000 | |||
| Line of credit, accordion option | $ 50,000,000 | |||||
| Payments of financing costs | 2,600,000 | |||||
| Accumulated amortization of loan cost | $ 200,000 | $ 200,000 | $ 500,000 | |||
| Variable rate basis | one-month LIBOR | |||||
| Credit facility, interest rate at period end | 2.50% | 2.50% | 2.09% | |||
| Borrowings due on demand | $ 139,000,000 | $ 139,000,000 | $ 200,000,000 | |||
| Borrowings available | $ 5,300,000 | 5,300,000 | $ 22,100,000 | |||
| Line of credit facility, tangible net worth financial covenant | $ 47,500,000 | |||||
| LIBOR | Line of Credit | Revolving Credit Facility | ||||||
| Schedule Of Financing Arrangements [Line Items] | ||||||
| Variable rate | 2.50% | |||||
| LIBOR | Line of Credit | Bridge Loan | ||||||
| Schedule Of Financing Arrangements [Line Items] | ||||||
| Variable rate | 4.50% | |||||
| X | ||||||||||
- Definition Interest Expense, Debt, as Percentage of Total Expense Recognized No definition available.
|
| X | ||||||||||
- Definition Libility on precious metals from third parties, as of the balance sheet date that must be repaid within one year (or the normal operating cycle, if longer). No definition available.
|
| X | ||||||||||
- Definition LIBOR Interest Rate No definition available.
|
| X | ||||||||||
- Definition Line of Credit Facility, Covenants, Minimum Tangible Net Worth Required No definition available.
|
| X | ||||||||||
- Definition Obligation Under Product Financing Agreement - amount required to repurchase outstanding inventory under product financing agreement with a third party for the sale of gold and silver. Such agreement allows the Company to repurchase outstanding inventory at an agreed-upon price based on the spot price on the repurchase date. No definition available.
|
| X | ||||||||||
- Definition Schedule Of Financing Arrangements [Line Items] No definition available.
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| X | ||||||||||
- Definition Amount of accumulated amortization of debt issuance costs related to line of credit arrangements. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Percentage points added to the reference rate to compute the variable rate on the debt instrument. No definition available.
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| X | ||||||||||
- Definition The reference rate for the variable rate of the debt instrument, such as LIBOR or the US Treasury rate and the maturity of the reference rate used, such as three months or six months LIBOR. No definition available.
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| X | ||||||||||
- Definition The average effective interest rate during the reporting period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of the cost of borrowed funds accounted for as interest expense for debt. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The maximum amount of borrowing capacity under a line of credit that is available as of the balance sheet date for financing purchases of goods acquired for inventory or imminent delivery to a customer. No definition available.
|
| X | ||||||||||
- Definition Amount of current borrowing capacity under the credit facility considering any current restrictions on the amount that could be borrowed (for example, borrowings may be limited by the amount of current assets), but without considering any amounts currently outstanding under the facility. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of borrowing capacity currently available under the credit facility (current borrowing capacity less the amount of borrowings outstanding). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The cash outflow for loan and debt issuance costs. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Financing Agreements (Subordinate Debt Financing) (Details) - USD ($) |
3 Months Ended | 6 Months Ended | |||||
|---|---|---|---|---|---|---|---|
Dec. 07, 2018 |
Aug. 28, 2017 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Jun. 30, 2018 |
|
| Debt Instrument [Line Items] | |||||||
| Percentage of total expense recognized | 31.00% | 20.70% | |||||
| Goldline, LLC | |||||||
| Debt Instrument [Line Items] | |||||||
| Liabilities incurred for the acquisition | $ 7,500,000 | ||||||
| Repayment of debt | $ (7,500,000) | ||||||
| Debt instrument, fees (in percentage) | 2.00% | 2.00% | 2.00% | ||||
| Fee amount | $ 150,000 | ||||||
| Borrowings due on demand | $ 0 | $ 0 | $ 7,200,000 | ||||
| Unamortized debt issuance expense | 0 | 0 | $ 300,000 | ||||
| Debt issuance costs, net | 0 | 0 | |||||
| Interest expense, notes payable | $ 147,000 | $ 200,000 | $ 342,000 | $ 279,000 | |||
| Percentage of total expense recognized | 3.20% | 6.00% | 4.20% | 4.60% | |||
| Effective rate of interest | 8.83% | 9.29% | 8.84% | 9.33% | |||
| Affiliates | Goldline, LLC | |||||||
| Debt Instrument [Line Items] | |||||||
| Liabilities incurred for the acquisition | 4,550,000 | ||||||
| Chief Executive Officer, Director and principal stockholder | Gregory N. Roberts | Goldline, LLC | |||||||
| Debt Instrument [Line Items] | |||||||
| Liabilities incurred for the acquisition | 587,500 | ||||||
| Principal stockholder | William D. Richardson | Goldline, LLC | |||||||
| Debt Instrument [Line Items] | |||||||
| Liabilities incurred for the acquisition | 587,500 | ||||||
| Chairman of the Board and Director | Jeffrey D. Benjamin | Goldline, LLC | |||||||
| Debt Instrument [Line Items] | |||||||
| Liabilities incurred for the acquisition | 1,000,000 | ||||||
| Director | Ellis Landau | Goldline, LLC | |||||||
| Debt Instrument [Line Items] | |||||||
| Liabilities incurred for the acquisition | 375,000 | ||||||
| Director | William Montgomery | Goldline, LLC | |||||||
| Debt Instrument [Line Items] | |||||||
| Liabilities incurred for the acquisition | 1,500,000 | ||||||
| Director | Jess Ravich | Goldline, LLC | |||||||
| Debt Instrument [Line Items] | |||||||
| Liabilities incurred for the acquisition | 500,000 | ||||||
| Non-affiliated members | Goldline, LLC | |||||||
| Debt Instrument [Line Items] | |||||||
| Liabilities incurred for the acquisition | $ 2,950,000 | ||||||
| Silver Bow Ventures, LLC | Gregory N. Roberts | |||||||
| Debt Instrument [Line Items] | |||||||
| Ownership percentage | 50.00% | 50.00% | |||||
| Percentage of indebtedness (percentage) | 50.00% | 50.00% | |||||
| Silver Bow Ventures, LLC | William D. Richardson | |||||||
| Debt Instrument [Line Items] | |||||||
| Ownership percentage | 50.00% | 50.00% | |||||
| Percentage of indebtedness (percentage) | 50.00% | 50.00% | |||||
| Libra Securities Holdings, LLC | Jess Ravich | |||||||
| Debt Instrument [Line Items] | |||||||
| Ownership percentage | 100.00% | 100.00% | |||||
| Loans Payable | Goldline, LLC | |||||||
| Debt Instrument [Line Items] | |||||||
| Stated interest rate (in percentage) | 8.50% | ||||||
| Debt instrument, additional interest, percentage of total principal (in percentage) | 3.00% | ||||||
| Debt instrument, additional interest, percentage of cumulative three year EBITDA (in percentage) | 10.00% | ||||||
| Debt instrument, additional interest, percentage of cumulative three year EBITDA, amount | $ 10,000,000 | ||||||
| Debt instrument, term (years) | 3 years | ||||||
| X | ||||||||||
- Definition Debt Instrument, Additional Interest, Percentage of Cumulative Three Year EBITDA No definition available.
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- Definition Debt Instrument, Additional Interest, Percentage of Cumulative Three Year EBITDA, Amount No definition available.
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- Definition Debt Instrument, Additional Interest No definition available.
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- Definition Debt Instrument, Fees, Percentage No definition available.
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- Definition Debt Instrument, Percentage of Indebtedness No definition available.
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- Definition Interest Expense, Debt, as Percentage of Total Expense Recognized No definition available.
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- Definition Ownership Percentage No definition available.
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- Definition Amount of liabilities incurred by the acquirer as part of consideration transferred in a business combination. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of the fee that accompanies borrowing money under the debt instrument. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The average effective interest rate during the reporting period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Contractual interest rate for funds borrowed, under the debt agreement. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
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- Definition Period of time between issuance and maturity of debt instrument, in PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. No definition available.
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- Definition Amount, after accumulated amortization, of debt issuance costs. Includes, but is not limited to, legal, accounting, underwriting, printing, and registration costs. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of the cost of borrowed funds accounted for as interest expense for debt. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The cash outflow during the period from the repayment of aggregate short-term and long-term debt. Excludes payment of capital lease obligations. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The remaining balance of debt issuance expenses that were capitalized and are being amortized against income over the lives of the respective bond issues. This does not include the amounts capitalized as part of the cost of the utility plant or asset. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Financing Agreements (Note Payable) (Details) - USD ($) |
3 Months Ended | 6 Months Ended | |
|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2018 |
Sep. 14, 2018 |
|
| Debt Instrument [Line Items] | |||
| Unamortized discount | $ 3,400,000 | $ 3,400,000 | |
| Percentage of total expense recognized | 31.00% | 20.70% | |
| Senior Subordinated Notes | |||
| Debt Instrument [Line Items] | |||
| Weighted average effective interest rate (in percentage) | 5.88% | 5.88% | |
| Senior Subordinated Notes | Secured Senior Term Notes, Series 2018-1, Class A | |||
| Debt Instrument [Line Items] | |||
| Debt instrument, face amount | $ 72,000,000 | ||
| Stated interest rate (in percentage) | 4.98% | ||
| Senior Subordinated Notes | Secured Senior Term Notes, Series 2018-1, Class B | |||
| Debt Instrument [Line Items] | |||
| Debt instrument, face amount | $ 28,000,000 | ||
| Stated interest rate (in percentage) | 5.98% | ||
| Notes Receivable | |||
| Debt Instrument [Line Items] | |||
| Financing receivable | $ 10,000,000 | $ 10,000,000 | $ 10,000,000 |
| Variable Interest Entity, Primary Beneficiary | |||
| Debt Instrument [Line Items] | |||
| Financing receivable | 10,000,000 | 10,000,000 | |
| Notes payable | 86,600,000 | 86,600,000 | |
| Interest payable | $ 234,000 | 234,000 | |
| Debt instrument, aggregate interest rate (percentage) | 5.26% | ||
| Interest expense, notes payable | $ 1,445,000 | $ 1,699,000 |
| X | ||||||||||
- Definition Debt Instrument, Aggregate Interest Rate No definition available.
|
| X | ||||||||||
- Definition Interest Expense, Debt, as Percentage of Total Expense Recognized No definition available.
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- Definition Face (par) amount of debt instrument at time of issuance. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Effective interest rate for the funds borrowed under the debt agreement considering interest compounding and original issue discount or premium. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Contractual interest rate for funds borrowed, under the debt agreement. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
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- Definition Amount, after accumulated amortization, of debt discount. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of the cost of borrowed funds accounted for as interest expense for debt. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of interest payable on debt, including, but not limited to, trade payables. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Including the current and noncurrent portions, aggregate carrying amount of all types of notes payable, as of the balance sheet date, with initial maturities beyond one year or beyond the normal operating cycle, if longer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount representing an agreement for an unconditional promise by the maker to pay the entity (holder) a definite sum of money at a future date. Such amount may include accrued interest receivable in accordance with the terms of the note. The note also may contain provisions and related items including a discount or premium, payable on demand, secured, or unsecured, interest bearing or noninterest bearing, among a myriad of other features and characteristics. Excludes amounts related to receivables held-for-sale. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Stockholders' Equity (Narrative) (Details) - USD ($) |
3 Months Ended | 6 Months Ended | |||
|---|---|---|---|---|---|
Nov. 02, 2017 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
| Share-based compensation expense | $ 284,144 | $ 302,073 | $ 553,176 | $ 738,480 | |
| Compensation expense not yet recognized | $ 1,500,000 | $ 1,500,000 | |||
| Compensation expense not yet recognized, period for recognition | 1 year 11 months 18 days | ||||
| Stock Appreciation Rights (SARs) | |||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
| Expiration period (in years) | 10 years | ||||
| 2014 Stock Award and Incentive Plan | |||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
| Number of additional shares authorized (shares) | 525,000 | ||||
| Maximum amount of shares per employee (shares) | 250,000 | ||||
| Shares granted under the plan (shares) | 418,395 | 418,395 | |||
| Non Employee Director Except Chairman of the Board | 2014 Stock Award and Incentive Plan | |||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
| Maximum grant date fair value | $ 300,000 | ||||
| Chairman of the Board and Director | 2014 Stock Award and Incentive Plan | |||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
| Maximum grant date fair value | $ 600,000 | ||||
| X | ||||||||||
- Definition Stock Award Program, Maximum Amount of Grant Per Year No definition available.
|
| X | ||||||||||
- Definition Stock Award Plan, Maximum Amount of Shares Authorized Per Employee Per Year No definition available.
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| X | ||||||||||
- Definition Represents the expense recognized during the period arising from equity-based compensation arrangements (for example, shares of stock, unit, stock options or other equity instruments) with employees, directors and certain consultants qualifying for treatment as employees. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Weighted average period over which unrecognized compensation is expected to be recognized for equity-based compensation plans, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Unrecognized cost of unvested options awarded to employees as compensation. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
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| X | ||||||||||
- Definition Number of additional shares authorized for issuance under an established share-based compensation plan. No definition available.
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| X | ||||||||||
- Definition The difference between the maximum number of shares (or other type of equity) authorized for issuance under the plan (including the effects of amendments and adjustments), and the sum of: 1) the number of shares (or other type of equity) already issued upon exercise of options or other equity-based awards under the plan; and 2) shares (or other type of equity) reserved for issuance on granting of outstanding awards, net of cancellations and forfeitures, if applicable. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Period from grant date that an equity-based award expires, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Stockholders' Equity (Option Activity Rollforward) (Details) - USD ($) $ / shares in Units, $ in Thousands |
6 Months Ended | |
|---|---|---|
Dec. 31, 2018 |
Jun. 30, 2018 |
|
| Options | ||
| Options, beginning balance (shares) | 842,515 | |
| Granted through stock option plan (shares) | 105,050 | |
| Cancellations, expirations and forfeitures (shares) | (400) | |
| Options, ending balance (shares) | 947,165 | |
| Shares exercisable at end of the period | 564,114 | |
| Weighted Average Exercise Price Per Share | ||
| Beginning balance (in dollars per share) | $ 17.59 | |
| Granted through stock option plan (in dollars per share) | 13.50 | |
| Cancellations, expirations and forfeitures (usd per share) | 16.52 | |
| Ending balance (in dollars per share) | 17.13 | |
| Shares exercisable at end of period (in dollars per share) | $ 16.37 | |
| Intrinsic value, balance | $ 527 | $ 821 |
| Intrinsic Value, Shares exercisable at end of period | $ 527 | |
| Outstanding, weighted average grant date fair value (in dollars per share) | $ 5.89 | $ 5.99 |
| Exercisable, weighted average grant date fair value (in dollars per share) | $ 6.10 |
| X | ||||||||||
- Definition Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Grant Date Fair Value No definition available.
|
| X | ||||||||||
- Definition Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Grant Date Fair Value No definition available.
|
| X | ||||||||||
- Definition The number of shares into which fully or partially vested stock options outstanding as of the balance sheet date can be currently converted under the option plan. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition For presentations that combine terminations, the number of shares under options that were cancelled during the reporting period as a result of occurrence of a terminating event specified in contractual agreements pertaining to the stock option plan or that expired. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Weighted average price of options that were either forfeited or expired. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Gross number of share options (or share units) granted during the period. No definition available.
|
| X | ||||||||||
- Definition Amount by which the current fair value of the underlying stock exceeds the exercise price of options outstanding. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Number of options outstanding, including both vested and non-vested options. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period. No definition available.
|
| X | ||||||||||
- Definition Weighted average price at which grantees can acquire the shares reserved for issuance under the stock option plan. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Weighted-average exercise price, at which grantee can acquire shares reserved for issuance, for fully vested and expected to vest exercisable or convertible options. Includes, but is not limited to, unvested options for which requisite service period has not been rendered but that are expected to vest based on achievement of performance condition, if forfeitures are recognized when they occur. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Weighted average per share amount at which grantees can acquire shares of common stock by exercise of options. No definition available.
|
| X | ||||||||||
- Definition Amount of difference between fair value of the underlying shares reserved for issuance and exercise price of vested portions of options outstanding and currently exercisable. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
Stockholders' Equity (Options Outstanding, Range of Exercise Prices and Other Details) (Details) - $ / shares |
6 Months Ended | |
|---|---|---|
Dec. 31, 2018 |
Jun. 30, 2018 |
|
| Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
| Stock options outstanding, Number of Shares Outstanding (shares) | 947,165 | 842,515 |
| Stock options outstanding, Weighted Average Remaining Contractual Life | 6 years 11 months 10 days | |
| Stock options outstanding, Weighted Average Exercise Price (in dollars per share) | $ 17.13 | $ 17.59 |
| Stock options exercisable, Number of Shares Exercisable (shares) | 564,114 | |
| Stock options exercisable, Weighted Average Remaining Contractual Life | 5 years 11 months 24 days | |
| Stock options exercisable, Weighted Average Exercise Price (in dollars per share) | $ 16.37 | |
| Price Range $0 - $10.00 | ||
| Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
| Exercise Price Ranges, lower range limit (in dollars per share) | 0 | |
| Exercise Price Ranges, upper range limit (in dollars per share) | $ 10 | |
| Stock options outstanding, Number of Shares Outstanding (shares) | 134,239 | |
| Stock options outstanding, Weighted Average Remaining Contractual Life | 3 years 10 months 6 days | |
| Stock options outstanding, Weighted Average Exercise Price (in dollars per share) | $ 8.39 | |
| Stock options exercisable, Number of Shares Exercisable (shares) | 134,239 | |
| Stock options exercisable, Weighted Average Remaining Contractual Life | 3 years 10 months 6 days | |
| Stock options exercisable, Weighted Average Exercise Price (in dollars per share) | $ 8.39 | |
| Price Range $10.01 - $15.00 | ||
| Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
| Exercise Price Ranges, lower range limit (in dollars per share) | 10.01 | |
| Exercise Price Ranges, upper range limit (in dollars per share) | $ 15 | |
| Stock options outstanding, Number of Shares Outstanding (shares) | 243,938 | |
| Stock options outstanding, Weighted Average Remaining Contractual Life | 7 years 2 months 20 days | |
| Stock options outstanding, Weighted Average Exercise Price (in dollars per share) | $ 12.78 | |
| Stock options exercisable, Number of Shares Exercisable (shares) | 98,888 | |
| Stock options exercisable, Weighted Average Remaining Contractual Life | 3 years 9 months 11 days | |
| Stock options exercisable, Weighted Average Exercise Price (in dollars per share) | $ 11.94 | |
| Price Range $15.01 - $25.00 | ||
| Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
| Exercise Price Ranges, lower range limit (in dollars per share) | 15.01 | |
| Exercise Price Ranges, upper range limit (in dollars per share) | $ 25 | |
| Stock options outstanding, Number of Shares Outstanding (shares) | 468,988 | |
| Stock options outstanding, Weighted Average Remaining Contractual Life | 7 years 7 months 22 days | |
| Stock options outstanding, Weighted Average Exercise Price (in dollars per share) | $ 20.12 | |
| Stock options exercisable, Number of Shares Exercisable (shares) | 280,987 | |
| Stock options exercisable, Weighted Average Remaining Contractual Life | 7 years 6 months 26 days | |
| Stock options exercisable, Weighted Average Exercise Price (in dollars per share) | $ 20.13 | |
| Price Range $25.01 - 60.00 | ||
| Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
| Exercise Price Ranges, lower range limit (in dollars per share) | 25.01 | |
| Exercise Price Ranges, upper range limit (in dollars per share) | $ 60 | |
| Stock options outstanding, Number of Shares Outstanding (shares) | 100,000 | |
| Stock options outstanding, Weighted Average Remaining Contractual Life | 7 years 1 month 22 days | |
| Stock options outstanding, Weighted Average Exercise Price (in dollars per share) | $ 25.50 | |
| Stock options exercisable, Number of Shares Exercisable (shares) | 50,000 | |
| Stock options exercisable, Weighted Average Remaining Contractual Life | 7 years 1 month 22 days | |
| Stock options exercisable, Weighted Average Exercise Price (in dollars per share) | $ 25.50 |
| X | ||||||||||
- Definition The number of shares into which fully or partially vested stock options outstanding as of the balance sheet date can be currently converted under the option plan. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition The weighted-average price as of the balance sheet date at which grantees can acquire the shares reserved for issuance on vested portions of options outstanding and currently exercisable under the stock option plan. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Number of options outstanding, including both vested and non-vested options. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Weighted average price at which grantees can acquire the shares reserved for issuance under the stock option plan. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
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| X | ||||||||||
- Definition The floor of a customized range of exercise prices for purposes of disclosing shares potentially issuable under outstanding stock option awards on all stock option plans and other required information pertaining to awards in the customized range. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition The ceiling of a customized range of exercise prices for purposes of disclosing shares potentially issuable under outstanding stock option awards on all stock option plans and other required information pertaining to awards in the customized range. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Weighted average remaining contractual term for vested portions of options outstanding and currently exercisable or convertible, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Weighted average remaining contractual term for option awards outstanding, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Customer and Supplier Concentrations (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||||
|---|---|---|---|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Jun. 30, 2018 |
|||
| Concentration Risk [Line Items] | |||||||
| Revenues | $ 1,100,912 | $ 1,680,738 | $ 2,666,002 | $ 3,844,528 | |||
| Receivables, net | [1] | 23,275 | 23,275 | $ 35,856 | |||
| Customer concentrations | |||||||
| Concentration Risk [Line Items] | |||||||
| Revenues | 1,100,912 | $ 1,680,738 | 2,666,002 | $ 3,844,528 | |||
| Receivables, net | $ 23,275 | $ 23,275 | 35,856 | ||||
| Concentration risk, percentage | 100.00% | 100.00% | 100.00% | 100.00% | |||
| Revenue | Customer concentrations | |||||||
| Concentration Risk [Line Items] | |||||||
| Revenues | $ 348,897 | $ 790,270 | $ 979,925 | $ 1,838,647 | |||
| Concentration risk, percentage | 31.70% | 47.00% | 36.80% | 47.80% | |||
| Accounts Receivable | Customer concentrations | |||||||
| Concentration Risk [Line Items] | |||||||
| Receivables, net | $ 8,737 | $ 8,737 | 22,435 | ||||
| Concentration risk, percentage | 37.50% | 62.50% | |||||
| HSBC Bank USA | Revenue | Customer concentrations | |||||||
| Concentration Risk [Line Items] | |||||||
| Revenues | $ 244,871 | $ 407,509 | $ 624,993 | $ 918,773 | |||
| Concentration risk, percentage | 22.20% | 24.20% | 23.40% | 23.90% | |||
| Mitsubishi Intl. Corp. | Revenue | Customer concentrations | |||||||
| Concentration Risk [Line Items] | |||||||
| Revenues | $ 104,026 | $ 382,761 | $ 354,932 | $ 919,874 | |||
| Concentration risk, percentage | 9.50% | 22.80% | 13.40% | 23.90% | |||
| Customer A | Accounts Receivable | Customer concentrations | |||||||
| Concentration Risk [Line Items] | |||||||
| Receivables, net | $ 3,558 | $ 3,558 | 14,967 | ||||
| Concentration risk, percentage | 15.20% | 41.70% | |||||
| Customer B | Accounts Receivable | Customer concentrations | |||||||
| Concentration Risk [Line Items] | |||||||
| Receivables, net | $ 5,179 | $ 5,179 | $ 7,468 | ||||
| Concentration risk, percentage | 22.30% | 20.80% | |||||
| |||||||
| X | ||||||||||
- Definition For an unclassified balance sheet, the amount due from customers or clients for goods or services that have been delivered or sold in the normal course of business, reduced to their estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
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- Definition For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Segment and Geographic Information (Details) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
|---|---|---|---|---|---|
|
Dec. 31, 2018
USD ($)
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2018
USD ($)
Segment
|
Dec. 31, 2017
USD ($)
|
Jun. 30, 2018
USD ($)
|
|
| Segment Reporting Information [Line Items] | |||||
| Number of reportable segments | Segment | 3 | ||||
| Revenues | $ 1,100,912 | $ 1,680,738 | $ 2,666,002 | $ 3,844,528 | |
| Gross profit | $ 8,317 | $ 8,916 | $ 16,792 | $ 16,222 | |
| Gross margin percentage by segment | 0.755% | 0.53% | 0.63% | 0.422% | |
| Selling, general and administrative expenses | $ (8,103) | $ (9,349) | $ (15,822) | $ (16,325) | |
| Interest income | 4,652 | 3,268 | 9,203 | 6,429 | |
| Interest expense | (4,656) | (3,359) | (8,208) | (6,092) | |
| Other income, net | 682 | 651 | 930 | 712 | |
| Total net income before provision for income taxes | 944 | 266 | 2,877 | 984 | |
| Total depreciation and amortization | (701) | (783) | (1,398) | (1,312) | |
| Advertising expense | (648) | (1,059) | (1,238) | (1,576) | |
| Total precious metals held under financing arrangements | 226,905 | 226,905 | $ 262,566 | ||
| Total inventories | 276,285 | 276,285 | 280,116 | ||
| Assets | 684,091 | 684,091 | 743,001 | ||
| Long term assets | 36,157 | 36,157 | 36,018 | ||
| Total capital expenditures on property and equipment | 16 | 99 | 138 | 417 | |
| Intangibles, including goodwill | 15,238 | 15,238 | 15,742 | ||
| United States | |||||
| Segment Reporting Information [Line Items] | |||||
| Revenues | 968,883 | 1,579,893 | 2,344,519 | 3,631,814 | |
| Total inventories | 265,214 | 265,214 | 273,008 | ||
| Assets | 672,153 | 672,153 | 733,131 | ||
| Long term assets | 36,104 | 36,104 | 35,965 | ||
| Europe | |||||
| Segment Reporting Information [Line Items] | |||||
| Revenues | 48,609 | 73,022 | 138,761 | 127,380 | |
| Total inventories | 2,005 | 2,005 | 1,965 | ||
| Assets | 2,872 | 2,872 | 4,727 | ||
| Long term assets | 53 | 53 | 53 | ||
| North America, excluding United States | |||||
| Segment Reporting Information [Line Items] | |||||
| Revenues | 82,285 | 26,896 | 178,669 | 81,774 | |
| Total inventories | 8,279 | 8,279 | 4,976 | ||
| Assets | 8,279 | 8,279 | 4,976 | ||
| Asia | |||||
| Segment Reporting Information [Line Items] | |||||
| Total inventories | 787 | 787 | 167 | ||
| Assets | 787 | 787 | 167 | ||
| Asia Pacific | |||||
| Segment Reporting Information [Line Items] | |||||
| Revenues | 614 | 374 | 2,957 | 1,726 | |
| Africa | |||||
| Segment Reporting Information [Line Items] | |||||
| Revenues | 0 | 1 | 1 | 1 | |
| Australia | |||||
| Segment Reporting Information [Line Items] | |||||
| Revenues | 521 | 552 | 1,095 | 1,833 | |
| Wholesale Trading & Ancillary Services | |||||
| Segment Reporting Information [Line Items] | |||||
| Revenues | 1,088,188 | 1,651,442 | 2,642,501 | 3,804,862 | |
| Gross profit | $ 6,804 | $ 7,168 | $ 14,216 | $ 12,813 | |
| Gross margin percentage by segment | 0.625% | 0.434% | 0.538% | 0.337% | |
| Selling, general and administrative expenses | $ (5,649) | $ (5,376) | $ (10,907) | $ (10,786) | |
| Interest income | 2,354 | 998 | 4,406 | 2,056 | |
| Interest expense | (2,974) | (1,873) | (4,854) | (3,392) | |
| Other income, net | 867 | 790 | 1,045 | 750 | |
| Total net income before provision for income taxes | 1,402 | 1,707 | 3,906 | 1,441 | |
| Total depreciation and amortization | (395) | (427) | (791) | (758) | |
| Advertising expense | (161) | (183) | (268) | (284) | |
| Total precious metals held under financing arrangements | 226,905 | 226,905 | 262,566 | ||
| Total inventories | 268,527 | 268,527 | 272,034 | ||
| Assets | 558,953 | 558,953 | 616,522 | ||
| Long term assets | 32,097 | 32,097 | 31,328 | ||
| Total capital expenditures on property and equipment | 16 | 75 | 138 | 269 | |
| Intangibles, including goodwill | 12,302 | 12,302 | 12,516 | ||
| Secured Lending | |||||
| Segment Reporting Information [Line Items] | |||||
| Selling, general and administrative expenses | (344) | (348) | (689) | (731) | |
| Interest income | 2,298 | 2,270 | 4,797 | 4,373 | |
| Interest expense | (1,535) | (1,286) | (3,012) | (2,421) | |
| Other income, net | 24 | 0 | 24 | 0 | |
| Total net income before provision for income taxes | 443 | 636 | 1,120 | 1,221 | |
| Total depreciation and amortization | 0 | (1) | 0 | (2) | |
| Advertising expense | (1) | (7) | (4) | (18) | |
| Assets | 110,678 | 110,678 | 111,304 | ||
| Long term assets | 103 | 103 | 102 | ||
| Direct Sales | |||||
| Segment Reporting Information [Line Items] | |||||
| Revenues | 12,724 | 29,296 | 23,501 | 39,666 | |
| Gross profit | $ 1,513 | $ 1,748 | $ 2,576 | $ 3,409 | |
| Gross margin percentage by segment | 11.891% | 5.967% | 10.961% | 8.594% | |
| Selling, general and administrative expenses | $ (2,110) | $ (3,625) | $ (4,226) | $ (4,808) | |
| Interest expense | (147) | (200) | (342) | (279) | |
| Other income, net | (157) | 0 | (157) | 0 | |
| Total net income before provision for income taxes | (901) | (2,077) | (2,149) | (1,678) | |
| Total depreciation and amortization | (306) | (355) | (607) | (552) | |
| Advertising expense | (486) | (869) | (966) | (1,274) | |
| Total inventories | 7,758 | 7,758 | 8,082 | ||
| Assets | 14,460 | 14,460 | 15,175 | ||
| Long term assets | 3,957 | 3,957 | 4,588 | ||
| Total capital expenditures on property and equipment | 0 | 24 | 0 | 148 | |
| Intangibles, including goodwill | 2,936 | 2,936 | $ 3,226 | ||
| Intersegment Eliminations | |||||
| Segment Reporting Information [Line Items] | |||||
| Revenues | $ 100 | $ 10,800 | $ 300 | $ 17,700 | |
| X | ||||||||||
- Definition Asset Under Financing Agreement, With Repurchase Option No definition available.
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- Definition Restricted and Nonrestricted Inventory, Net No definition available.
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- Definition Segment Reporting Information, Gross Profit, Percentage No definition available.
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| X | ||||||||||
- Definition Amount charged to advertising expense for the period, which are expenses incurred with the objective of increasing revenue for a specified brand, product or product line. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Carrying amount of finite-lived intangible assets, indefinite-lived intangible assets and goodwill. Goodwill is an asset representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. Intangible assets are assets, not including financial assets, lacking physical substance. No definition available.
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- Definition Amount of the cost of borrowed funds accounted for as interest expense. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of interest income earned from interest bearing assets classified as other. No definition available.
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- Definition Long-lived assets other than financial instruments, long-term customer relationships of a financial institution, mortgage and other servicing rights, deferred policy acquisition costs, and deferred tax assets. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Number of segments reported by the entity. A reportable segment is a component of an entity for which there is an accounting requirement to report separate financial information on that component in the entity's financial statements. No definition available.
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- Definition Amount of income (expense) related to nonoperating activities, classified as other. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The cash outflow associated with the acquisition of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale; includes cash outflows to pay for construction of self-constructed assets. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
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- Definition The aggregate total costs related to selling a firm's product and services, as well as all other general and administrative expenses. Direct selling expenses (for example, credit, warranty, and advertising) are expenses that can be directly linked to the sale of specific products. Indirect selling expenses are expenses that cannot be directly linked to the sale of specific products, for example telephone expenses, Internet, and postal charges. General and administrative expenses include salaries of non-sales personnel, rent, utilities, communication, etc. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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